In a dramatic turn of events, a significant profit has been realized in the world of cryptocurrency following an assassination attempt on former U.S. President Donald Trump. The meme coin MAGA, themed after Trump, experienced a substantial rally, reaching $10 on Sunday and providing a lucrative opportunity for a prominent investor.
Highlights
- A wallet, believed to belong to GCR (@GiganticRebirth), deposited 1.08 million TRUMP tokens to an exchange.
- Another address, tagged “GCR: Address 1,” holds 936,279 TRUMP tokens worth $7.23 million.
- Politifi Tokens surged following the foiled attack on Donald Trump.
MAGA Whale Books Big Profits
According to on-chain data provider Lookonchain, a TRUMP wallet, suspected to be owned by GCR (@GiganticRebirth), deposited 1.08 million MAGA tokens valued at $8.85 million to the BTSE exchange within a few hours. The total realized profits from this transaction amounted to approximately $8.3 million.
The wallet had initially invested 540,700 USDT to acquire 1.08 million TRUMP tokens at an average price of $0.50 between November 22 and December 4, 2023. Another address linked to GCR, known as “GCR: Address 1,” still holds 936,279 TRUMP coins worth $7.23 million, sitting on a potential profit exceeding $6.5 million.
Impact of the Assassination Attempt
The attempted assassination of Donald Trump last Saturday, which was ultimately foiled, has significantly boosted the former president’s re-election chances. Trump, who has positioned himself as a pro-crypto candidate, witnessed the crypto market, including Bitcoin, rally strongly in response.
Over the weekend, the MAGA (TRUMP) price surged by an astounding 60%, reaching a peak above $10. However, following the whale’s profit-taking, the meme coin corrected nearly 25% from its high. Despite this correction, MAGA still trades at a 42% premium on the weekly chart, with a market cap of $334 million.
Trump’s Commitment to Crypto
Despite the assassination attempt, Donald Trump remains committed to his crypto endeavors. He is scheduled to attend the Bitcoin 2024 Conference in the last week of July, where his presence is anticipated to further influence the market.
Meme Coins Rally Harder
The MAGA coin’s surge has also positively impacted other meme coins, which rallied strongly over the past weekend. The top ten meme coins saw increases between 4-10% in the last 24 hours.
Amidst the political turmoil, Politifi Tokens have presented a new buying opportunity. Trump’s upcoming speech at the Bitcoin 2024 conference is expected to have a significant impact on the market, further fueling the momentum of meme coins.
Conclusion
The recent events surrounding Donald Trump have not only influenced the political landscape but also significantly impacted the cryptocurrency market. The substantial profits earned by the MAGA whale underscore the volatile yet potentially lucrative nature of meme coins. As Trump continues to advocate for cryptocurrency, the market will likely see further developments, with investors keenly watching his next moves.
The foiled assassination attempt on Donald Trump has had a ripple effect across various sectors, highlighting the intertwining of politics and cryptocurrency in today’s digital age. As the former president continues to make headlines, both his supporters and critics remain vigilant, anticipating the next wave of market reactions.
