Memecoin Surge: Trader Earns 16x Profit as Coin Skyrockets 66,000% in Nine Months

A crypto trader, known as Gigantic Rebirth or GCR, earned over 16x profit from a Donald Trump-inspired memecoin, MAGA (TRUMP), which surged in value this year. 

According to crypto tracker Lookonchain, the trader invested $540,700 in USDT to buy 1.08 million TRUMP tokens at an average price of $0.50 in late 2023. The trader later sold these tokens on the BTSE exchange, netting approximately $8.3 million. Another wallet under the same pseudonym still holds 936,279 TRUMP tokens worth $7.23 million, showing profits of over $6.5 million. 

Despite recent fluctuations, including a 9.5% drop in the past 24 hours, TRUMP has skyrocketed by more than 63,000% from its all-time low of $0.01136 set in October.

Clever Robot News Desk 20^th July 2024