A recent surge in the TRUMP token has allowed a significant whale to make substantial profits, according to on-chain data.
This event occurred following a failed attack on former US President Donald Trump, which triggered a broader rally in meme coins.
On-chain analysis from Lookonchain reveals that a large holder, suspected to be GCR (@GiganticRebirth), transferred over a million MAGA tokens valued at about $8.85 million to the BTSE exchange, realizing profits around $8.3 million. This wallet initially bought the tokens for approximately 540,700 USDT at an average price of $0.50 late last year.
https://x.com/lookonchain/status/1812666350332235905
Another related wallet holds a substantial amount of TRUMP tokens, still unsold and sitting on significant unrealized gains.
The boost in Trump’s re-election prospects following the attack has positively impacted the crypto market, particularly Bitcoin and related assets.
During the weekend, the price of the MAGA token spiked by 60%, reaching over $10 before correcting by 25% due to profit-taking.
Despite this, the token remains up 42% for the week, with a market cap of $334 million. Trump is expected to speak at the Bitcoin 2024 Conference later this month, maintaining his pro-crypto stance.
Alongside the MAGA coin, other meme coins experienced notable gains over the weekend, with the top ten seeing increases between 4-10%.
Political events continue to create buying opportunities in the crypto space, with market watchers anticipating significant impacts from upcoming events like Trump’s speech at the Bitcoin 2024 Conference.
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