As a seasoned crypto investor with a keen interest in politics and a long-term bullish stance on Bitcoin and altcoins, I’ve closely monitored the recent developments surrounding MAGA coin. The $8.3 million windfall seized by the “GCR” whale from the surge in MAGA prices last weekend has piqued my curiosity.
As a researcher studying financial markets, I’ve noticed an intriguing development regarding the TRUMP coin market. Recently, prices for these digital assets surged, resulting in a windfall of approximately $8.3 million for an individual, colloquially known as a “MAGA whale.” This event came on the heels of a failed attempt to target former US President Donald Trump over the weekend.
As a crypto investor following the MAGA token closely, I’ve noticed an intriguing development according to the data from Lookonchain. A wallet linked to GCR (@GiganticRebirth) has transferred 1.08 million MAGA tokens, equivalent to around $8.85 million at current market prices, to the BTSE exchange. This transaction seems like a calculated move after the MAGA coin experienced significant price increases following recent political events. By selling these tokens on the exchange, the investor may be looking to secure profits from their previous investment in MAGA.
The label “GCR: Address 1” is attached to another address, and it currently holds approximately $9.36 million worth of $TRUMP tokens (equivalent to $7.23 million in USD), which have yet to be sold. The potential profit from selling these tokens exceeds $6.5 million.— Lookonchain (@lookonchain) July 15, 2024
A digital wallet connected to the Global Crypto Exchange first purchased approximately 1.08 million TRUMP tokens for a total of around $540,700 between November 22 and December 4, 2023, at an average price of about $0.50 per token. Another wallet holds around 936,279 TRUMP tokens, currently valued at over $7.23 million. This investment could result in a potential profit exceeding $6.5 million, despite recent market downturns.
Last weekend’s unsuccessful attempt against former US President Donald Trump sparked a surge in MAGA coin prices. This event revived his re-election hopes, leading investors to show renewed confidence in the MAGA token. Additionally, Trump’s association with cryptocurrency policies added fuel to the fire, bolstering the broader crypto market rally.
Over the past weekend, the price of MAGA experienced a significant increase of approximately 60%, reaching over $10. However, this surge was followed by profit-taking, resulting in a correction that lowered its value by around 25%. At present, MAGA is trading at $7.55, representing a 10% decrease from its peak price. Despite this decline, it still holds a weekly premium of 42%, with a market capitalization of approximately $334 million, based on data from CoinMarketCap.
Donald Trump firmly intends to participate in the Bitcoin 2024 Conference slated for late July, reaffirming his commitment as a pro-cryptocurrency figure during these market fluctuations.
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2024-07-15 09:24