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28/05/24
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Onchain Data Reveals Over 505x Return Earned by a Trader on MAGA Memecoin
Lookonchain data shows that a trader obtained profit valued at $2.7 million within 3 days by holding the Donald Trump-themed MAGA (TRUMP) meme token.
The trader with wallet “0x303” bought 6 billion MAGA tokens worth more than $535k and made more than 505x return on his initial investment, according to Lookonchain two days ago:
“He spent $537.5K to buy 6B $MAGA on May 24 and May 25, then sold 1.5B $MAGA for 744K $USDT to take profits 10 minutes ago. He currently holds 4.5B $MAGA, worth $2.51M.”
CoinStats data showed the wallet contains MAGA tokens valued at about $2.172 million, BNB valued at $22.8 as well as ETH valued at $4.811, as of 9:09 am (GMT) on May 28. There has been a remarkable increase in the value of MAGA tokens after Republican presidential candidate Donald Trump commented on digital assets.
There was more than 78 percent increase in the value of MAGA on May 9, with a more than 62 percent increase in trading volume to $281 million, after Trump’s comments regarding his pro-crypto stance.
“I’m fine with it. I want to make sure it’s good and solid and everything else. But I’m good with it. And if you like crypto in any form (and it comes in many different forms), if you are in favor of crypto, you better vote for Trump,” said Trump.
However, some participants within the crypto space believe that the MAGA token pump is insider trading while another set of people think it is due to maximal extractable value (MEV). It is believed that no one can buy a memecoin worth half a million dollars without having some knowledge.
“Note that an insider is selling #MEMEcoin $MAGA on #Ethereum! The insider spent 5.35 $ETH($19,586) to buy 140.4B $MAGA(33.37% of supply) with 22 wallets. So far, the insider has sold 79.9B $MAGA for 320 $ETH($1.05M), leaving 60.5B $MAGA, worth more than $9M!,” said Lookonchain via X on May 21.
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