A crypto trader has turned a $96 investment into $3 million by trading MAGA (TRUMP) tokens

According to Lookonchain data, the investor purchased 608,650 TRUMP tokens for 0.052 ETH ($96) on Aug. 12, 2023.

A crypto trader has turned a $96 investment into $3 million by trading MAGA (TRUMP) tokens.

According to Lookonchain data, the investor purchased 608,650 TRUMP tokens for 0.052 ETH ($96) on Aug. 12, 2023. At that time, the tokens were trading at $0.0193.

Earlier today, the token’s price rose to $5.30, resulting in over $3 million in unrealized profits. Thus, the trader sold a large portion of the tokens.

What can you do with $96?

This guy made over $3M with only $96, a 32,000x return!

He spent only 0.052 $ETH($96) to buy 608,650 $TRUMP on Aug 12, 2023, and started selling $TRUMP for a profit 6 hours ago.

So far, he has sold 6K $TRUMP for 11.4 $ETH($30K), leaving 594,564… pic.twitter.com/OacHY6a4RW

— Lookonchain (@lookonchain) October 18, 2024

The trader’s move comes as several memecoin investors continue to take profits. Earlier on Oct. 17, Lookonchain reported that a trader realized over $5 million from trading four coins, with the largest profit coming from trading Pepe Coin (PEPE).

What a smart money!

Made $2.19M on $PEPE, $1.7M on $SPX, $1.37M on $MOG, and $207K on $WOJAK!

1/ Let’s dig into his trades to see what he is buying! pic.twitter.com/s9YMC3ZbhM

— Lookonchain (@lookonchain) October 17, 2024

Similarly, Cryptomode reported how a trader turned a $727 GOAT investment into $2.24 million. This series of profit-takings has spurred speculation of an impending bull rally in the memecoin market similar to what happened in Q1 2024.

The traders’ move also comes as several memecoin investors continue to take profits. Earlier on Oct. 17, Lookonchain reported that a trader realized over $5 million from trading four coins, with the largest profit coming from trading Pepe Coin (PEPE).

As reported by Cryptomode, another trader turned a $727 GOAT investment into $2.24 million. These profit-takings have sparked speculation of an impending bull rally in the memecoin market, similar to what occurred in Q1 2024.

It bears mentioning that TRUMP tokens, like many memecoins, can experience sharp volatility. Their prices could spike and dump within a few periods, indicating the risks involved in such speculative investments.

The trader’s ability to cash out part of their holdings during the peak highlights the importance of timing in crypto trading. Their decision to hold onto the remaining tokens shows their risk appetite levels.

Currently, TRUMP trades at $5.29, according to Coingecko data, up 2.2% in the last 24 hours.

TRUMP 12-month chart. | Source: Coingecko

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