A prominent crypto investor has capitalized on the recent surge of the MAGA (TRUMP) token, netting an impressive profit of $8 million. The remarkable gain emerged on July 13, following heightened interest in the crypto market due to an assassination attempt on former US President Donald Trump. Data analytics platform Lookonchain revealed that a wallet, associated with the well-known investor Gigantic-Cassocked-Rebirth (GCR), transferred 1.08 million MAGA (TRUMP) memecoins to the BTSE exchange.
How Did the TRUMP Token Surge?
On-chain data indicate that these transactions commenced roughly seventeen hours ago, valuing the assets at approximately $8.85 million. The investor initially spent 540,700 USDT to acquire TRUMP tokens at an average price of $0.5 each between late November and early December 2023. Given that the token’s price recently peaked at nearly $8, Lookonchain estimates the investor’s profit to be around $8.3 million.
What is the Current Status of TRUMP Token?
Despite the initial surge, TRUMP’s price has since leveled off. Currently, the token is trading at $7.68, showing a 9.81% decrease over the past 24 hours. The repercussions of the attack on Trump have also been felt across the broader crypto market, with Bitcoin experiencing a notable rise from $59,000 to over $60,000. According to blockchain data analysis platform Santiment, Trump’s recent favorable comments about the crypto industry have likely contributed to the positive market sentiment.
Key Takeaways
- Investors should monitor political events as they can significantly impact crypto market trends.
- Understanding wallet activities and transaction data can provide valuable investment insights.
- Price stabilization post-surge is a common phenomenon and should be expected.
- Pro-crypto statements from influential figures can bolster market confidence.
- Engagement in memecoins carries high volatility and potential for substantial gains or losses.
Concluding Thoughts
In a recent update, Bitcoin Magazine CEO David Bailey shared news about Trump’s positive recovery status. Bailey confirmed that Trump’s team is optimistic about his participation in the 2024 Bitcoin Conference in Nashville. This resilience seems to bolster Trump’s election prospects, with prediction market platform Polymarket indicating an increase in his chances of winning from 60% to 71% within two days. However, Trump’s evolving stance on cryptocurrency continues to be a subject of debate, raising questions about potential policy shifts should he return to power.