A crypto trader inked more than 16x profit and made millions on a Donald Trump-inspired memecoin that has exploded in value this year.
The crypto tracker Lookonchain notes that wallet suspected to belong to the pseudonymous trader Gigantic Rebirth spent 540,700 worth of the top stablecoin USDT to buy 1.08 million MAGA (TRUMP) at an average price of $0.5 in November and December of 2023.
That same wallet deposited all 1.08 million TRUMP into the BTSE exchange over the weekend, making a profit of around $8.3 million.
Lookonchain also notes that a different wallet tagged “GCR: Address 1” still holds 936,279 TRUMP worth $7.23 million, sitting on profits of more than $6.5 million. Gigantic Rebirth also goes by the name GCR.
TRUMP is trading at $7.21 at time of writing and is down more than 9.5% in the past 24 hours. The 191st-ranked crypto asset by market cap surged in value over the weekend after former President Trump survived an assassination attempt.
The memecoin is up more than 63,000% from its all-time low of $0.01136, which it set in mid-October.
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