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Donald Trump’s attack sparked a temporary rise in the crypto world, leading to increases in Bitcoin and various altcoins, including meme coins. Especially Trump-themed meme coins rose rapidly and were reflected in decentralized exchanges created on the Solana network.
New Meme Coin and New Millionaire
Donald Trump’s attack on July 13 led to the creation and rapid rise of many meme coins, including $FIGHT. Some of these turned out to be scams, while others created new millionaires. A crypto investor, referred to as an insider, turned a $5,000 investment into over $7 million, attracting attention across the market.
Lookonchain revealed crucial information. They expressed suspicions about transactions on the Ethereum (ETH) network and shared their findings. Lookonchain identified 24 crypto wallets believed to belong to insiders or developers and highlighted notable trading activities.
According to data shared by Lookonchain, these 24 different addresses spent 1.5 ETH worth $4,864 to purchase 378.45 million $FIGHT. This amount represented 37.8% of the token’s total supply, and the wallets conducted transactions before trading in $FIGHT began.
At the time Lookonchain shared the data, 261.6 million $FIGHT had been sold by these wallets, and considering the token’s current value, 116.8 million meme coins were still held for an unrealized profit of $7.36 million.
On the other hand, the price of the mentioned cryptocurrency dropped by over 30% in the last day, indicating that many buyers were already facing losses, highlighting the high risk associated with meme coins.
MAGA and Tremp Prices
Attention was also on other Trump-themed meme coins. First, MAGA (TRUMP) had previously risen above $17 but was trading at $7.26 at the time of writing, following an 8% drop in the last 24 hours.
Meanwhile, Donald Tremp (TREMP) continued to find buyers at $0.4777 after a 6.53% drop, with a 24-hour trading volume of only $7.5 million following a 47% decrease.
