Millionaire Trader Strikes Again With $3M Profit On Trump-Related MAGA Coin

Anonymous cryptocurrency trader Unipcs, better known as “Bonk Guy,” highlighted his multi-million trading position and the meteoric rise of the Trump-insipred MAGA coin.

What Happened: “Bonk Guy” noted its peak market capitalization of over $300 million, a 75x increase from the trader’s initial call.

On his initial purchase of “a little over $100,000,” the trader made over $3 million in unrealized profit at current prices, down from over $6 million at the coin’s peak value.

$MAGA is now at $300m market cap yet still no one on CT is talking about it

that's 75x from when i first called it 11 days ago

and i've officially made over $6 million (upnl) from my intial purchase of a little over $100k in 10 days

talk about strong early $PEPE vibes https://t.co/mgPi9ZIknr pic.twitter.com/EM73RHBJ72

— Unipcs (aka 'Bonk Guy') 🎒 (@theunipcs) May 27, 2024

Bonk Guy likened MAGA’s strength to the “early vibes of Pepe PEPE/USD, highlighting several important factors for the strength of Trump-related meme coins.

• Trump-related meme coins comprise 38 projects with a total 24-hour volume of $631 million
• MAGA commanded 68% of the trading volume, as of Tuesday morning.

Bonk Guy emphasized, “For a 12-day old project, that is some incredible strength from MAGA,” suggesting its potential to become the leading Trump meta token of this cycle. Despite acknowledging the rapid price increase, he remains bullish long-term, writing that “dips are for buying.”

Read Also: Argentina Seeks Guidance From El Salvador On Bitcoin Adoption

Why It Matters: The explosive growth of Trump-related cryptocurrencies has been spurred by the former President’s vocal support for the sector. Trump’s statement, “If you're in favor of crypto, you better vote for Trump,” catalyzed the Maga Memecoin TRUMP/USD, which is part of Trump’s crypto portfolio, to surge from a $180 million market cap to nearly $550 million. 

Trump’s endorsement also helped traders cash in on the surge, with another trader reportedly making $2.7 million in three days by initially investing $537,500 in MAGA tokens.

“Bonk Guy” has made a name for himself in the trader community for executing several multi-million trades in different meme coins.

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: Where Is Ethereum’s Price Headed 5 Days After The ETF Approval?

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.