A savvy trader, known by the wallet address “0x303,” has made a remarkable $2.7 million profit in just three days by trading the Donald Trump-themed MAGA (TRUMP) meme token. The trader spent over $535,000 to purchase six billion MAGA tokens on May 25, achieving an impressive 505-fold return on investment.
Details of the Transaction
According to a May 27 post by Lookonchain, the trader executed the following transactions:
- Spent $537,500 to buy 6 billion MAGA tokens on May 24 and May 25.
- Sold 1.5 billion MAGA tokens for $744,000 USDT to take profits.
- Currently holds 4.5 billion MAGA tokens, worth approximately $2.51 million.
The trader’s wallet, composed entirely of MAGA tokens, is currently valued at over $2.2 million. Just hours earlier, the wallet was worth over $4 million, according to CoinStats data.
Also Read: Trump to Accept Cryptocurrency for 2024 Campaign Donations
Surge in MAGA Token Value
The MAGA token has seen significant price rallies following pro-crypto comments from Republican presidential candidate Donald Trump. On May 9, MAGA surged over 78% intraday, with trading volume increasing by more than 62% to $281 million. This spike was driven by Trump’s supportive statements about cryptocurrencies, where he expressed a positive stance:
“I’m fine with it. I want to make sure it’s good and solid and everything else. But I’m good with it. And if you like crypto in any form (and it comes in many different forms), if you are in favor of crypto, you better vote for Trump.”
Market Impact and Future Prospects
The trader’s substantial profit underscores the volatile and speculative nature of meme tokens, which can experience dramatic price movements based on public statements and market sentiment. As the 2024 presidential campaign progresses, further comments from Trump and other candidates could continue to influence the value of politically-themed cryptocurrencies like MAGA.
