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

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.