Whale Makes $8 Million With Trump-Inspired Memecoin As PolitiFi Tokens Soar
The Trump-inspired tokens surged around 40% following Donald Trumps assassination attempt. As a result, PolitiFi tokens closed the week, outperforming most categories in the industry. The remarkable performance earned some crypto whales millions in profits from the MAGA (TRUMP) memecoin.
Crypto Whale Profits From TRUMP Memecoin
On Sunday, on-chain tracking platform Lookonchain reported that a crypto whale had made millions from a Trump-inspired memecoin. An address deposited all their TRUMP holdings to the crypto exchange BTSE.
Per the report, the whale bought 1.08 million TRUMP between November 22 and December 4, 2023. The address acquired the tokens at an average price of $0.5, spending $540,000 for the memecoin. Seemingly, the whale made $8.85 million from the tokens, $8.3 million of which were profits.
Per Lookonchain, the wallet was suspected to be owned by renowned crypto trader GCR. However, it was later confirmed the address in question wasnt related to the crypto trader.
Lookonchain also reported another address holding a significant amount of the Trump-inspired memecoin. The second address, also suspected to be linked to the crypto trader, has $6.5 million in unrealized profits from TRUMP.
The whale wallet tagged GCR: Address 1 spent over $700,000 to buy 936,279 TRUMP. The address bought the tokens at an average of $0.75 between December 8, 2023, and January 18, 2024.
At the time of the report, the whales holdings were worth around $7.23 million. Nonetheless, it hasnt been confirmed if this address is linked to the renowned crypto trader.
PolitiFi And Trump-Inspired Tokens Soar
Over the weekend, former US President Donald Trump survived an assassination attempt. The Republican Presidential Candidate got shot in the ear during a campaign rally in Butner, Pennsylvania.
Following the news, PolitiFi tokens soared over 30%. DeFi creator and analyst Jake Pahor shared that the PolitiFi sector outperformed most categories over the weekend.
Pahor cited DeFiLlama data, revealing that PolitiFi tokens rose 36.7% last week. The DeFi analyst also noted that all categories outperformed Bitcoin over the past 7 days, possibly indicating a shift towards a risk-on environment.
Before the failed Trump assassination attempt, Trump-inspired memecoins saw a pump. The tokens surged after the former US President was announced as a keynote speaker at the Bitcoin 2024 Conference on July 27.
TRUMPs price went from $5.74 to $6.54 after the news. This performance represented a 15% and 39.5% surge in the daily and weekly timeframes. Since then, the biggest Trump-themed memecoin has seen a 35% rise, fueled by the most recent incident.
Following the assassination attempt, the token went from the $6.3 price range to the $9.51 mark, increasing by over 50% in twelve hours. On Sunday, the memecoin hovered between the $7.3-$7.9 price range, starting the week trading at $7.47.
As of this writing, TRUMP exchanges hands at $8.15, a 3.8% increase in the last day. This performance also represents a 35.3% and 22.2% rise in the one-week and two-week timeframes.
Text source: NewsBTC
