A crypto trader has turned a $1.1 million investment into $70 million (₱4.09 billion) in just four hours by capitalizing on the launch of $TRUMP, a meme coin endorsed by President-elect Donald Trump on Solana.
By the Numbers:
- Initial Investment: The trader purchased 5.97 million $TRUMP tokens for $1.1 million when the market cap was $23 million.
- Quick Gains: Sold 1.35 million tokens for $3.65 million within four hours.
- Remaining Holdings: Retains 4.62 million $TRUMP, now valued at $67.5 million.
Previous coverage:
- Trump’s Endorsement: $TRUMP launched as part of Trump’s ongoing push to position himself as a pro-crypto leader.
- Meme Coin Popularity: With a market cap peaking at $9 billion, $TRUMP has overtaken other memecoins like Pepe and Bonk. (Read more: Quick Take: Trump’s $TRUMP Memecoin Hits $9B Market Cap)
This continues to highlight the speculative frenzy surrounding memecoins and the outsized influence of celebrity-backed tokens, or in this case, could be politically backed.
Bottomline: While some see massive profits, the volatility of these coins poses significant risks for investors.
This article is published on BitPinas: Quick Take: Trader Turns $1.1M Into $70M on $TRUMP Meme Coin
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