In another bizarre incident that showcases the volatility of the crypto market, a trader became a multi-millionaire overnight by gaining 3,187,400% on the political parody meme coin MAGA (TRUMP). The crypto trader got this by betting only $96.
This comes at a time when the US election is causing a surge in PolitiFi meme coins like FreeDum Fighters and Doland Tremp.
On August 12, the crypto investor spent 0.052 ETH ($96) to purchase 608,650 MAGA (TRUMP). The political parody meme coin MAGA which started trading in 2023 is the first of its kind to be launched ahead of the 2024 US election.
In the first quarter of this year, TRUMP gained because of the crypto price surge from SEC-approved Bitcoin investment products in January and the Bitcoin mining rewards halving in April. However, the meme coin has now slowed down 83% to trade at $2.94 as of October 22.
TRUMP’s biggest high was on June 1st this year when it reached $17.51. The crypto traders who made huge gains on MAGA had bought the token when it was trading at less than $0.01. He had purchased 608,650 TRUMP at that time. Of this, he has sold 6000 gaining 11.4 ETH ($30,000) profit as 594,564 TRUMP worth a little over $1,748,000 remains.
As the US Presidential Election campaign progressed, TRUMP has moved past several resistance levels. All through this month MAGA was surging to the $5.50 level which was its highest in the last 3.5 months. The token experienced its lowest trading point in 2024 when it hit the $1.76 mark.
As of October 22, MAGA’s price has gone down 27% as the meme coin market contracted 3.5% hitting $62 billion. The strength index of the token is 38 which shows MAGA can lose momentum as it bears the $3 price tag where there are more dip buyers.
Investors should keep in mind that meme coins like KAMA and BODEN are trading below their highest point despite the US election closing in. TRUMP could also encounter a similar fate once the season is over which points out the risk of meme coins speculation.
As of October 23, 2:53 pm UTC, MAGA is trading at $3.00, down by 5.25% while its market capitalization and trading volume are at $131.85 million and $9.84 million respectively.