Crypto Trader’s Memecoin Bet Pays Off with 86,000% Gain

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.