A recent post from on-chain analytics platform Lookonchain revealed a trader making $2.7 million in three days trading the Trump-related MAGA MAGA/USD.
What Happened: According to Lookonchain, a trader spent $537,500 on May 24 and May 25 to buy 6 billion MAGA tokens. The trader then sold 1.5 billion MAGA for $744,000.
At present, this trader still holds 4.5 billion MAGA, valued at $2.51 million.
Why It Matters: Besides the MAGA coin, the MAGA Memecoin TRUMP/USD surged off the back of former President Donald Trump ramping up his pro-cryptocurrency rhetoric.
Since Trump said, “If you're in favor of crypto, you better vote for Trump,” the TRUMP coin has skyrocketed from a market cap of just over $180 million to an all-time high of nearly $550 million.
It easily outpaced the growth of other meme coins like Dogecoin DOGE/USD and Shiba Inu SHIB/USD, positioning it as one of the top-performing meme coins, rivaled only by Pepe PEPE/USD in the past month.
Trump's promises to foster a favorable environment for cryptocurrencies in the U.S. and the looming U.S. elections may keep political meme coins in the spotlight in the near future.
What’s Next: The impact of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Ethereum ETF Approval To Spur ‘A Basket Of Crypto Tokens Within A Year,' Says TD Cowen
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image created using artificial intelligence with Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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