A crypto trader has made an astonishing 86,000% profit on an Ethereum-based memecoin investment.
Investment Details
According to blockchain tracker Lookonchain, the trader purchased $6,500 worth of the MAGA (TRUMP) memecoin in late 2023. Today, that investment is worth a staggering $5.6 million.
Trump’s Pro-Crypto Remarks
The sudden surge in value coincides with former US President Donald Trump’s pro-crypto statements at a dinner event in May. Trump announced his acceptance of crypto donations for his presidential campaign.
Other Profitable Trades
Lookonchain also identified another trader who made a $4.4 million profit by purchasing TRUMP in late 2023 and early 2024.
MAGA Memecoin Details
The MAGA memecoin, inspired by Donald Trump, has a market cap of $298.3 million and is ranked 234th among digital assets. At the time of writing, TRUMP is trading at $6.40, up 51.9% in the past 24 hours.
