Whale Makes $8 Million With Trump-Inspired Memecoin As PolitiFi Tokens Soar
16 Julio 2024 - 3:00AM
NEWSBTC
The Trump-inspired tokens surged around 40% following Donald
Trump’s 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. Related Reading: 1,000
Bitcoin On The Move: Satoshi-Era Whale Stirs The Crypto Waters
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 wasn’t 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 whale’s
holdings were worth around $7.23 million. Nonetheless, it hasn’t
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. TRUMP’s 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. Related Reading: Notcoin (NOT)
Ignites Crypto Market, Analyst Predicts 25% Rally 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. Featured Image from
Unsplash.com, Chart from TradingView.com
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