Maga Memecoin TRUMP/USD, the Donald Trump-themed meme coin created as a tribute to the former U.S. President, spiked after after the Saturday’s assassination attempt.
What Happened: Lookonchain data shows a wallet depositing 1.08 million TRUMP, worth $8.85 million, to the BTSE Exchange, making a profit of around $8.3 million. The holder purchased these coins by spending 540,700 USDT from Nov.22 to Dec.4, 2023.
The wallet was assumed to belong to GiganticRebirth (GCR), an enigmatic whale trader, address initially, which was later disproven.
Another wallet address tagged GCR Address 1 still holds 936,279 TRUMP, worth $7.23 million for a profit of over $6.5 million.
Also Read: Odds Of Trump Presidency Raised To All-Time High By Crypto Bettors After Assassination Bid
Why It Matters: This unsuccessful attack on the former President pumpted crypto markets, with Bitcoin rallying to $63,000 mark and PoliFi tokens like TRUMP and MAGA surging.
TRUMP is up 38% over the past week, with most gains coming after Saturday when the price of TRUMP spiked from $6.20 to $10.25 in less than an hour. Another Trump-themed meme coin, MAGA MAGA/USD, spiked from $0.0001968 to $0.0002661 for a 25% gain.
Crypto trader McKenna tweeted that the events are “the ultimate white swan.”
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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