A crypto trader inked more than 16x profit and made millions on a Donald Trump-inspired memecoin that has exploded in value this year.
The crypto tracker Lookonchain notes that a wallet suspected to belong to the pseudonymous trader Gigantic Rebirth spent 540,700 worth of the top stablecoin USDT to buy 1.08 million MAGA (TRUMP) at an average price of $0.5 in November and December of 2023.
That same wallet deposited all 1.08 million TRUMP into the BTSE exchange over the weekend, making a profit of around $8.3 million.
Lookonchain also notes that a different wallet tagged “GCR: Address 1” still holds 936,279 TRUMP worth $7.23 million, sitting on profits of more than $6.5 million. Gigantic Rebirth also goes by the name GCR.
TRUMP is trading at $7.21 at time of writing and is down more than 9.5% in the past 24 hours. The 191st-ranked crypto asset by market cap surged in value over the weekend after former President Trump survived an assassination attempt.
The memecoin is up more than 63,000% from its all-time low of $0.01136, which it set in mid-October.
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Generated Image: Midjourney