A crypto whale managed to earn an impressive $8 million profit from the recent MAGA (TRUMP) surge. This development came on July 13, following the excitement in the crypto market surrounding the assassination attempt on former US President Donald Trump. Data analysis platform Lookonchain recently reported that a wallet, believed to belong to the famous crypto investor Gigantic-Cassocked-Rebirth (GCR), deposited 1.08 million MAGA (TRUMP) memecoins into the BTSE exchange.
TRUMP Continues to Attract Interest
On-chain data reveals that the transfers began approximately seventeen hours ago. The value of these assets is approximately $8.85 million. This wallet spent 540,700 USDT to purchase TRUMP at an average price of $0.5 per token between November 22 and December 4, 2023. Assuming the investor activated when the token price reached nearly $8, Lookonchain estimates the profit to be around $8.3 million.
However, at the time of writing, TRUMP’s price has stabilized. Token data currently shows it trading at $7.68, down 9.81% in the last 24 hours. The effects of the attack on Trump extended beyond the TRUMP token price. Bitcoin also experienced a significant increase following the attack, rising from $59,000 to over $60,000. Blockchain data analysis platform Santiment observed that Trump’s recent positive comments about the crypto industry likely influenced the crypto community’s positive response:
“The crypto community has generally reacted bullishly to pro-Trump news due to his recent pro-crypto comments. Surviving an assassination attempt is perceived as pro-Trump news and thus receives a positive response.”
Notable Details
In the latest development, Bitcoin Magazine CEO David Bailey shared the former president’s current status. Bailey confirmed via X that Trump’s team is optimistic about his recovery and participation in the 2024 Bitcoin Conference:
“He is in good spirits and excited to see you all in Nashville and deliver a speech that will be heard worldwide.”
Trump’s resilience following the incident appears to bolster his election hopes. Data from the prediction market platform Polymarket shows his chances of winning the upcoming November elections increased from 60% to 71% in just two days.
However, Trump’s changing stance on cryptocurrency remains a topic of debate. During his previous presidency, Trump openly criticized Bitcoin and other cryptocurrencies. This shift raises questions about his sincerity and potential policy changes if he returns to power.
