This Meme Coin Trader Pocketed $8 Million From MAGA (TRUMP) – Here’s How

TL;DR

Donald Trump survived an assassination attempt during a speech in Pennsylvania, which preceded a significant rise in the cryptocurrency market. Trump-related meme coins made substantial gains and resulted in multi-million profits for savvy traders. The Trump effect

The attempted assassination of the candidate for the presidency of the United States, Donald Trump, has been the most trending topic in the last 24 hours. We recall that the billionaire was shot during a public speech in Pennsylvania on July 13. Fortunately, the gunman’s bullet only grazed his ear as he bowed his head a brief moment before the attack.

Trump was dragged off the main stage with blood on his face as he raised his hands rather dramatically and assured his supporters that his campaign was on. His condition was later declared “good” by local doctors who attended to him.

Interestingly, the assault and its survival was followed by a massive resurgence for the entire cryptocurrency sector. The price of bitcoin (BTC), for example, rose from approximately $58,000 (before the attack) to more than $63,000 (at the time of writing).

One possible reason could be Trump’s recent pro-crypto stance. Although he was a fierce critic of the industry years ago, he has recently presented himself as the right choice for supporters of digital assets. He vowed to let crypto thrive and increase US BTC mining efforts, arguing that this is the “last line of defense against a CBDC.”

Numerous Trump-related meme coins have also headed north after the attack. As reported by CryptoPotato, MAGA (TRUMP), (Donald Trump – TRUMP2024), DONALD TRUMP (DONALD) rose by double digits.

The price explosion benefited some savvy traders who jumped on the bandwagon in the early days. Blockchain analytics firm Lookonchain revealed the case of an investor who bought 1.08 TRUMP tokens late last year. In the last few hours, the trader deposited the holdings on crypto exchange BTSE, suggesting a possible sell. If they had actually sold the holdings, their profits should not have reached $8 million.

Lookonchain added that another investor still holds 936,279 TRUMP assets, which is currently worth a whopping $7.5 million.

Consider the Risks

Meme coins have the ability to witness a substantial increase in price within a short period of time, thus bringing fortune to those who entered the ecosystem at the right time. However, they can just as easily crash by double digits in a matter of hours, causing devastating losses.

With this in mind, people should look into the matter after proper due diligence and invest only as much as they are willing to lose. For more important tips, check out our dedicated video below:

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!