Crypto Trader Inks 16x Profit and Makes Millions on a Donald Trump-Inspired Memecoin That Has Exploded in Value This Year

The crypto tracker Lookonchain notes that a wallet suspected to belong to the pseudonymous trader Gigantic Rebirth spent 540,700 worth of the top stablecoin

A crypto trader realized more than 16x profit, making millions on a Donald Trump-inspired memecoin that exploded in value this year.

The crypto tracker Lookonchain notes that a wallet, which is suspected to belong to the pseudonymous trader Gigantic Rebirth, spent 540,700 USDT, the top stablecoin, to buy 1.08 million MAGA (TRUMP) at an average price of $0.5 in November and December of 2023.

That same wallet later deposited all 1.08 million TRUMP into the BTSE exchange over the weekend, making a profit of around $8.3 million.

According to Lookonchain, a different wallet tagged “GCR: Address 1” still holds 936,279 TRUMP, which is worth $7.23 million, sitting on profits of more than $6.5 million. Gigantic Rebirth also goes by the name GCR.

TRUMP is changing hands at $7.21 at the 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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