Trader Nets $2.7M In 3 Days With Trump-Related MAGA Coin

Zinger Key Points
  • A trader made $2.7 million in three days by trading MAGA memecoin, initially spending $537,500 to buy 6 billion tokens.
  • Trump’s support helps the surge of MAGA Memecoin's market cap to nearly $550M, outpacing DOGE and SHIB growth.
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A recent post from on-chain analytics platform Lookonchain revealed a trader making $2.7 million in three days trading the Trump-related MAGA MAGA/USD.

What Happened: According to Lookonchain, a trader spent $537,500 on May 24 and May 25 to buy 6 billion MAGA tokens. The trader then sold 1.5 billion MAGA for $744,000.

At present, this trader still holds 4.5 billion MAGA, valued at $2.51 million.

Read Also: Here’s How Much MAGA Coin Has Jumped Since The Ex-President Said, ‘If You’re In Favor Of Crypto, You Better Vote For Trump’

Why It Matters: Besides the MAGA coin, the MAGA Memecoin TRUMP/USD surged off the back of former President Donald Trump ramping up his pro-cryptocurrency rhetoric.

Since Trump said, “If you're in favor of crypto, you better vote for Trump,” the TRUMP coin has skyrocketed from a market cap of just over $180 million to an all-time high of nearly $550 million.

It easily outpaced the growth of other meme coins like Dogecoin DOGE/USD and Shiba Inu SHIB/USD, positioning it as one of the top-performing meme coins, rivaled only by Pepe PEPE/USD in the past month.

Trump's promises to foster a favorable environment for cryptocurrencies in the U.S. and the looming U.S. elections may keep political meme coins in the spotlight in the near future.

What’s Next: The impact of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Ethereum ETF Approval To Spur ‘A Basket Of Crypto Tokens Within A Year,' Says TD Cowen

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image created using artificial intelligence with Midjourney.

Market News and Data brought to you by Benzinga APIs
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