Meme Coin Madness: Trader Becomes a Millionaire With 96 US Dollars
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A crypto trader has become a multi-millionaire after betting a modest $96 and getting astronomical returns of 3,187,400% on a political meme coin.
According to data from Lookonchain, the trader spent just 0.052 ETH ($96) to buy 608,650 MAGA ($TRUMP) on August 12, 2023.
MAGA debuted last year as the first major political parody meme coin to go on chain in the run-up to next month’s US Presidential Election.
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
During the first quarter of 2024, crypto prices rallied sharply due to excitement over SEC-approved Bitcoin investment products in January, and a Bitcoin mining rewards halving in April. Currently, $TRUMP trades at $2.94, down 83% from its all-time high of $17.51 on June 1st.
When the wallet owner bought 608,650 $TRUMP, it was trading at less than $0.01.
So far, they have sold 6000 $TRUMP for realized profits of 11.4 ETH ($30,000), with 594,564 $TRUMP worth a little over $1,748,000.
In general, $TRUMP has been pushing past former resistance levels as the campaigns go on.
Throughout this month, the token bounced up to $5.50, its highest price in three and a half months. September 24th delivered the token’s lowest price this year: $1.76.
In the last 24 hours, MAGA has crashed 27% while the meme coin sector contracted 3.5% to hit $62 billion.
The token’s rising relative strength index of 38 indicates that MAGA’s crash will lose steam as the
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