In an extraordinary turn of events, a smart trader has turned a $541,000 investment into a staggering $15.7 million profit by betting on Maga (TRUMP), a meme coin inspired by former President Donald Trump. This surge began a week after Trump announced his re-run last November, when the trader purchased 1.079 million $TRUMP tokens. Despite market fluctuations and the temptation to cash out during a significant price surge in April, the trader held firm, reaping the rewards as $TRUMP recently hit an all-time high.
TRUMP Transforms Rags To Riches
The surge in presidential election-themed memes coins ignited after Trump announced that cryptocurrencies might be accepted for campaign donations. Known for his impactful remarks on the crypto market, Trump has once again drawn significant attention with his latest statement.
MAGA Coin, inspired by the “Make America Great Again” slogan, has seen an 88,000% increase year-to-date, highlighting the rise of a potential new category in political finance cryptocurrencies, informally dubbed “Politi-Fi.” At the time of publication, MAGA Coin ranks as the 228 largest by market capitalization.
According to Spot on Chain, a trader’s journey with $TRUMP started with a bold investment of 541,000 USDT to acquire 1.079 million $TRUMP tokens. This transaction was initiated following Donald Trump’s announcement of his presidential re-run, a time when market sentiment around $TRUMP was gaining momentum.
Throughout the early months, $TRUMP saw various ups and downs, typical of new and speculative assets in the crypto market. In April, the price of $TRUMP skyrocketed, offering a lucrative exit point. If the trader had sold at this peak, the estimated profit would have been around $11 million. However, demonstrating remarkable patience, the trader decided to hold onto $TRUMP tokens.
The trader’s patience paid off handsomely when $TRUMP broke its previous all-time high and touched the high of $15.5. This milestone skyrocketed the value of the trader’s holdings to an impressive $15.7 million, marking an estimated profit of $15.3 million. The rise in $TRUMP’s value can be attributed to several factors, including increased media attention, growing support from the crypto community, and speculation around Trump’s political activities.
MAGA was launched in August to support U.S. veterans and protect children. Despite bearing the former president’s name, it is not officially affiliated with or endorsed by Donald Trump.
According to the official website, 234.75 ETH has been donated to U.S. veterans and 204.5 ETH to child trafficking prevention efforts since MAGA’s inception.
Trump Explores Bitcoin As US Debt Solution
During an X space discussion on Sunday night, David Bailey, CEO of the prominent Bitcoin news website BitcoinMagazine and a cryptocurrency advisor to the Trump campaign, shared that he recently met former US President Donald Trump for the first time.
Bailey revealed that Trump inquired whether Bitcoin could aid in reducing the $35 trillion national debt. Although Bailey mentioned having some ideas, he admitted he wasn’t prepared to discuss them during their initial meeting.
Recently, Trump made several Bitcoin-friendly statements to gain political support from the crypto community. However, this newly disclosed information reveals a different angle: Trump is genuinely considering Bitcoin adoption for the U.S., a topic he hasn’t publicly discussed.
In the past, opposition political leaders have frequently criticized current President Joe Biden for the rising national debt. According to survey reports, Donald Trump currently holds a 56% chance of winning against Biden.
According to a Visual Capitalist report, approximately 53 million Americans owned cryptocurrencies in 2023, the highest number worldwide and the third-largest in terms of population share.
In a speech where he addressed various questions, Trump declared, “If you can’t do it, I’ll make sure you can.” When asked about the possibility of making donations to his campaign using cryptocurrency, he responded, “I believe the answer is yes.”
