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An experienced cryptocurrency investor gained significant rewards by investing in the MAGA (TRUMP) memecoin amid a price surge. The Solana-based political memecoin project reached an all-time high. Moreover, the MAGA price surged following Donald Trump’s recent court victory against President Joe Biden, resulting in the investor holding over $15 million in profit.
Memecoin Craze Continues
According to Lookonchain data, the investor initially spent 541,000 USDT to purchase 1.079 million TRUMP tokens shortly after former President Donald Trump announced his re-election bid last November. Thus, the investor now holds an astonishing asset worth $15.7 million. This translates to an estimated $15.3 million profit, representing a 28-fold increase from the initial investment.
Furthermore, the TRUMP token saw a significant increase in value during the major price surge in April; the trader could have made a substantial profit by selling for $11 million. However, the decision to hold onto the assets proved extraordinarily profitable as the price broke its previous ATH level today. This followed positive news related to Trump’s legal battles.
Donald Trump and Recent Developments
The increase in TRUMP’s value could have been further bolstered by Donald Trump’s legal victory. On Tuesday, May 28, Federal Judge Aileen Cannon denied special counsel Jack Smith’s request for a gag order against Trump in the classified documents case. Additionally, Cannon criticized the prosecution for not adhering to court rules.
The judge emphasized that the prosecution’s efforts to communicate with Trump’s defense team lacked substance and professional courtesy. Moreover, Cannon highlighted procedural missteps by the prosecutors in her brief order. She noted their failure to meaningfully engage with Trump’s attorneys before submitting the motion and stated:
“The Special Counsel’s motion will be denied without prejudice for failing to meet these basic requirements.”
The denial of the gag order request is seen as a strategic win for Trump. This further boosts the confidence of his supporters and likely contributes to the bullish trend around the MAGA price trajectory.
