MAGA (TRUMP) Meme Coin Boom Yields $8 Million Profit for Crypto Whale

3 months ago 42

A crypto whale has capitalized on the recent MAGA (TRUMP) meme coin surge, netting an impressive $8 million profit.

This development followed the buzz in the crypto market surrounding the assassination attempt on former US president Donald Trump yesterday.

Trump Assassination Attempt Sparks the Crypto Market Movement

On-chain tracking platform Lookonchain recently reported that a wallet suspected to belong to the renowned crypto trader Gigantic-Cassocked-Rebirth (GCR) deposited 1.08 million MAGA (TRUMP) meme coins into the BTSE Exchange. On-chain data reveals that the transfers started around seventeen hours ago. These tokens are valued at approximately $8.85 million.

This wallet spent 540,700 USDT to acquire TRUMP at an average price of $0.5 per coin between November 22 and December 4, 2023. Assuming the trader capitalized when the coin’s market price nearly hit $8, Lookonchain estimates the profit to be roughly $8.3 million.

However, at the time of writing, the price of TRUMP has stabilized. BeInCrypto data shows it is currently trading at $7.68, down by 9.81% in the last 24 hours.

BeInCrypto reported a significant surge in TRUMP’s price following an assassination attempt on Donald Trump on Sunday. During his campaign event in Butler, Pennsylvania, Trump was shot in the back of the head, with the bullet piercing the upper part of his right ear. Amidst the chaos, Secret Service agents swiftly moved Trump off the stage to a nearby medical facility.

Despite the severity of the attack, Trump managed to pump a defiant fist into the crowd. The gesture sparked widespread enthusiasm, and many see it as a display of courage. This moment also garnered support from several public figures, including tech tycoon Elon Musk.

The incident’s ripple effects extended beyond the TRUMP meme coin. Bitcoin (BTC) also saw a notable increase following the shooting attack, rising from $59,000 to over $60,000. Blockchain intelligence platform Santiment observed that Trump’s recent favorable comments about the crypto industry have likely influenced the crypto community’s positive reaction.

“The crypto community has generally shown bullish responses to pro-Trump news due to his recent pro-crypto comments. Surviving an assassination attempt is perceived as pro-Trump news, hence the bullish response,” it said.

In the latest development, David Bailey, CEO of Bitcoin Magazine, shared the former president’s current condition. Bailey confirmed via X (Twitter) that Trump’s team is optimistic about his recovery and planned appearance at the Bitcoin Conference 2024.

“He is in good spirits and excited to see you all in Nashville and deliver a speech that is heard around the world,” he wrote.

Trump’s resilience post-incident appears to bolster his electoral prospects. Data from the prediction market platform Polymarket indicates his chances of winning the upcoming November election have risen from 60% to 71%, an 18.33% increase in just two days.

However, Trump’s changing stance on crypto remains a topic of discussion. During his previous presidency, Trump was openly critical of Bitcoin and other digital currencies. This shift raises questions about his sincerity and potential policy changes if he returns to power.

The post MAGA (TRUMP) Meme Coin Boom Yields $8 Million Profit for Crypto Whale appeared first on BeInCrypto.

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