In the ongoing bullish market sentiment, a trader has made a massive profit of $2.7 million in just three days by trading the MAGA (TRUMP) meme token. On May 27, 2024, an on-chain analytics firm, Lookonchain, made a post on X (formerly Twitter) and highlighted that a trader with wallet address (0x303) had invested $535k and purchased 6 billion MAGA tokens on May 24 and 25, 2024.
Trader made $2.7 million of profits in MAGA token
Following this massive MAGA token purchase, Lookonchain revealed that this trader sold 1.5 billion MAGA tokens for $744k in USDT. Currently, the trader holds 4.5 billion MAGA tokens valued at approximately $2.51 million. This profit marks a massive return, over 505 times the initial investment.
The MAGA token, themed around former President Donald Trump, has experienced significant price increases, surging by more than 82% in the past 24 hours. Earlier data from CoinStats showed that the trader’s wallet was valued at over $4 million, indicating the highly volatile nature of this investment.
MAGA token price-performance analysis
The MAGA token’s value has soared notably following pro-crypto comments from Donald Trump. On May 9, 2024, the token surged by over 78% within a single day, with trading volumes increasing by 62% to reach $281 million. Trump’s supportive stance on crypto was a key driver, as he encouraged voters who favor digital currencies to support his presidential bid.
However, the dramatic gains by this trader have raised suspicions of insider trading. Lookonchain previously noted unusual activity involving significant purchases of MAGA tokens.
Currently, MAGA is trading near $12.14, and in the last 24 hours, it experienced a massive 10% upside momentum. Looking at the performance of MAGA over a longer period, in the last 7 days, it experienced a massive price surge of over 60%. In the last 30 days, the MAGA token price soared more than 125%. This massive price surge highlights investors’ and traders’ interest in MAGA tokens.
