MAGA Memecoin Trader Scores $2.7M Profit After Trump’s Crypto Support

As a seasoned crypto investor with over a decade of experience under my belt, I’ve seen my fair share of market volatility and sudden price movements. However, the recent $2.7 million profit made by the trader identified as “0x303” within just three days by trading MAGA (TRUMP) meme tokens is nothing short of remarkable.

As a financial analyst, I’ve come across an intriguing trading scenario. A trader with the wallet address “0x303” managed to rake in a massive profit of $2.7 million within just three days by dealing with the meme token MAGA (TRUMP). This impressive gain was the result of an initial investment of $535,000 used to acquire six billion MAGA tokens on May 25. The return on this investment represented a staggering over 505-fold increase.

— Lookonchain (@lookonchain) May 27, 2024

The trader recently purchased 1.5 billion MAGA tokens and quickly sold them for a total of $744,000. In contrast, he chose to hold onto 4.5 billion tokens, which cost him $2.51 million. The value of these tokens surged due in part to favorable comments about cryptocurrencies from Republican presidential nominee Donald Trump.

As an analyst, I’ve noticed an intriguing development following recent pro-crypto comments from former President Trump. On May 9th, the MAGA token experienced a significant surge, with gains amounting to over 78% intraday. The trading volume for this token skyrocketed, reaching a staggering $281 million. In my personal portfolio, composed entirely of MAGA tokens, I witnessed a substantial increase in value, peaking at over $4 million.

Allegations of Insider Trading

Some people have raised suspicions of insider trading against the trader, as it’s been proposed that their profitable trades could be the result of Maximal Extractable Value (MEV) bot activities instead of insider information.

In spite of the ongoing debate, the occurrence serves as a reminder of the explosive character of memcoins and the sizeable risks they entail. Trump’s advocacy for cryptocurrencies played a pivotal role in this surge. He frequently expressed his pro-crypto sentiments, encouraging those in agreement to cast their votes for him.

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2024-05-27 19:00