Millionaire Trader Up Over $4 Million With DOGE And MAGA Coins — But The DOGE Coin Isn't What You Think It Is

Pseudonymous millionaire trader ‘Unipcs,’ informally known as ‘BONK Guy,’ has been highlighted by on-chain analytics firm Lookonchain for amassing significant gains by investing early in the Department of Government Efficiency (DOGE) and MAGA MAGA/USD meme coins.

What Happened: Lookonchain on Friday shared the trader’s journey, which saw him investing 235 Ethereum ETH/USD, valued at $584,000, when the Musk-themed DOGE — not to be confused with the much bigger and more popular Dogecoin DOGE/USD — traded at a $2.7 million market cap, yielding him 33.35 million DOGE, now worth $4.7 million. This investment currently sits at an unrealized profit of $4.12 million.

The trader also invested in the MAGA coin, a meme asset associated with Donald Trump, spending 18.45 ETH (about $57,000) to acquire 6.27 billion MAGA tokens, now valued at $452,000, yielding an unrealized profit of $395,000.

Unipcs' MAGA holdings once reached a peak unrealized profit of $4.33 million before a price pullback. True to the “diamond hands” philosophy, he has held onto his MAGA tokens, despite the volatility. His profits decreased by $3.94 million.

Also Read: Dogecoin Up 79% In A Month, Nears $0.20 With ‘Beautiful Bounce From Key Levels,’ Analysts Say

Why It Matters: Unipcs's experience illustrates the “diamond hands” mentality in crypto, showing the potential rewards for those who stay committed through market turbulence.

In another tweet, Unipcs stated that the original Dogecoin could be the next meme coin to reach a $100 billion market cap, using Elon Musk's "DOGE" acronym as a symbol of the meme coin's strength.

IntoTheBlock data shows large transaction volume for Dogecoin decreased by 35.6% with active addresses down 26.3% and high-value transactions falling from 2,183 to 1,085. Net exchange flows, however, are up by 15%.

What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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• Elon Musk’s ‘DOGE’ Department Mention Gives Dogecoin Boost To Top Of Daily Gainers: Memecoin Spikes 6%

Image created using artificial intelligence with Midjourney.