Crypto Trader Makes $42.7 Million Profit After Trading Melania Trump's Memecoin

Blockchain tracking firm Lookonchain says one crypto trader is looking at multi-million dollar profits after trading the official memecoin of Melania Trump

A crypto trader is looking at multi-million dollar profits after trading the official memecoin of Melania Trump, wife of US President Donald Trump.

According to blockchain tracking firm Lookonchain, the trader scooped up 5.2 million Melania (MELANIA) at just $0.13 per coin right after the digital asset’s launch on Sunday – the day before Trump’s presidential inauguration.

Four days later, the trader had sold off every MELANIA token for a gain of 6,208% on the initial investment of $688,000, racking in a $42.7 million profit.

“This guy has sold all MELANIA, making a total profit of $42.7 million (62x)! He spent 2,500 SOL ($688,000) to buy 5.2 million MELANIA at $0.13, and sold all of them at an average price of $8.34 for $43.4 million, making a profit of $42.7 million, a 62x return!”

Another trader also saw massive gains after being an early investor in MELANIA.

“This guy made an incredible $66 million+ on MELANIA in just for hours! [On Sunday], this guy spent 2,500 SOL ($688,000) to buy 5.02M MELANIA, then sold 203,000 MELANIA for 2.14 million USDC, leaving 5 million MELANIA, worth $64.9 million!”

First Lady Melania Trump launched her own memecoin a day after then President-elect Trump had launched his.

Both memecoins are listed on the FTX exchange and are available to be traded against the US dollar-pegged stablecoin Tether (USDT).

However, both tokens have seen steep losses in the past 24 hours, with both MELANIA and Official Trump down 19.5% and 13.6%, respectively.

At the time of writing, MELANIA is trading for $2.76 with a market cap of $413.8 million, while Official Trump is valued at $33.19 with a market cap of $6.6 billion.

Memecoins have exploded in popularity over the past year, with several new tokens being launched by celebrities, influencers, and even politicians. While some memecoins have seen massive gains, others have crashed quickly, leaving investors with heavy losses.