A trader has managed to make an astonishing $2.7 million profit within a span of just three days by trading the Donald Trump-themed MAGA (MAGA) memecoin.
A trader has managed to make an astonishing $2.7 million profit within a span of just three days by trading the Donald Trump-themed MAGA (MAGA) memecoin. The trader, who goes by the wallet name "0x303," invested over $535,000 to purchase six billion MAGA tokens on May 25. According to Lookonchain, this investment yielded a staggering return of over 505X. The trader sold 1.5 billion MAGA tokens for $744,000 in USDT. As of now, the trader holds 4.5 billion MAGA tokens, valued at $2.51 million.
The entire value of wallet '0x303' is made up of MAGA tokens, which have experienced a remarkable surge of over 82% in the past 24 hours. The wallet is currently worth over $2.45 million, down from a high of $4 million on May 27.
The MAGA token has seen significant price movements following statements related to digital assets by former Republican presidential candidate Donald Trump. On May 9, MAGA experienced a surge of over 78% within the day, accompanied by a 62% increase in trading volume, reaching $281 million. These gains were triggered by Trump's expressed support for cryptocurrencies, stating, “if you like crypto in any form (and it comes in many different forms), if you are in favor of crypto, you better vote for Trump."
While the question of insider trading remains uncertain, it is crucial to note that memecoins carry inherent risks and exhibit high price volatility. Another unfortunate memecoin trader experienced a loss of over $1 million due to the Normie memecoin exploit, resulting in a staggering 99% loss on their initial investment of $1.16 million.
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