Meme coins through fairy tales continue to make a mark on the recent period. The price movements experienced have created significant impacts in the market while shedding light once again on the unpredictable nature of meme coins. While these were happening in meme coins, a tiny investment on behalf of an investor turned into a massive gain.
The Meme Coin That Made an Investor Rich
Recent data revealed that a lucky investor made a gain of over 86,000% from an investment in an Ethereum (ETH) based meme coin. According to data uncovered by Lookonchain, known for closely monitoring blockchain transactions, an investor purchased MAGA (TRUMP) worth $6,500 towards the end of last year and now owns over $5.6 million.
“waxl.eth”, a cryptocurrency investor, turned $6,500 into $5.6 million with TRUMP, achieving an 870-fold gain! He spent $6,500 to buy 2.08 million TRUMP through two wallets and sold 1.24 million TRUMP for $902,000, leaving 832,000 TRUMP worth $4.7 million.
The MAGA memecoin, which emerged in August 2023 and centers around former US President Donald Trump, now appears to have a market value of $298.3 million. Consequently, it ranks 251st in market volume rankings. TRUMP is finding buyers at $5.48 as of the writing time, after a 8.2% drop in the last 24 hours.
Why Did MAGA Rise?
The 50% price increase the other day came after Trump’s statements supporting the cryptocurrency during an event held on May 8 at Mar-a-Lago for supporters who bought NFTs from his “Mugshot Edition” collection.
During the event, Trump also touched on other topics. One of these was his announcement of accepting crypto donations during his presidential campaign. On the other hand, he also made mocking remarks about Biden and BODEN centered around him.
According to another data provided by Lookonchain, another cryptocurrency user followed a similar path. After purchasing hundreds of thousands of meme coins between December 2023 and January 2024, the person who also bought TRUMP made a profit of $4.4 million.
GCR: The address labeled ‘Address 1’ spent 703,460 USDT to buy 936,279 TRUMP from December 8, 2023, to January 18, 2024, and now has a variable profit of $4.4 million!
