An experienced investor managed to earn $2.7 million in just three days from the Donald Trump-themed MAGA (TRUMP) memecoin project. The memecoin investor, known as Wallet 0x303, spent over $535,000 on May 25 to purchase six billion MAGA tokens, achieving a return of more than 505 times his initial investment, according to Lookonchain’s May 27 X post.
MAGA Token Continues to Rise
The experienced investor’s wallet is entirely composed of MAGA tokens, which have increased by over 82% in the last 24 hours. According to CoinStats data, the wallet’s value is currently over $2.2 million, having been valued at over $4 million just a few hours ago.
The MAGA token saw significant increases following comments from Republican presidential candidate Donald Trump regarding cryptocurrencies.
On May 9, MAGA surged by over 78% in a single day following Trump’s comments about his pro-crypto stance, with trading volume increasing by over 62% to $281 million. Trump shared the following statements on the matter:
“I am fine with the crypto sector. I want to ensure it is good and solid, and everything else. But I am fine with it, and if you like crypto in any form, if you support crypto, you should vote for Trump.”
Details on the Matter
The experienced investor’s $2.7 million profit has fueled widespread allegations of insider trading on X, with Datawallet commenting on Lookonchain’s post:
“No one spends $500,000 on a memecoin without extra information.”
Last week, Lookonchain reported that an insider had sold MAGA memecoins. This person had previously spent 5.35 Ethereum to purchase 33% of the MAGA supply using 22 different wallets. However, according to X user Dominium, the transactions may be the result of maximum extractable value bot activity exploiting arbitrage opportunities to create significant MAGA profit margins, rather than insider trading.
Many other users questioned the accuracy of Lookonchain’s claims, suggesting that the alleged individual was merely an MEV bot. Whether the MAGA rise is driven by insiders or not, memecoins still carry significant risks and price volatility. An unfortunate memecoin investor lost over $1 million following the Normie memecoin attack, resulting in a loss of over 99% of his initial $1.16 million investment.
