A cryptocurrency trader has turned a $1.1 million investment into $70 million ($4.09 billion) in just four hours by taking advantage of the launch of $TRUMP, a meme coin backed by President-elect Donald Trump on Solana.
In numbers:
- Initial investment: The trader bought 5.97 million $TRUMP tokens for $1.1 million when the market capitalization was $23 million.
- Quick profits: He sold 1.35 million tokens for $3.65 million in four hours.
- Remaining holdings: He retains $4.62 million from TRUMP, now valued at $67.5 million.
Previous coverage:
- Trump’s endorsement: $TRUMP was launched as part of Trump’s ongoing push to position himself as a pro-crypto leader.
- Meme Currency Popularity: With a market cap peaking at $9 billion, $TRUMP has outperformed other memecoins like Pepe and Bonk. (Read more: Quick Summary: Trump’s $TRUMP Memecoin Reaches $9 Billion Market Cap)
This continues to stand out the speculative frenzy surrounding memecoins and the enormous influence of tokens that are backed by celebrities or, in this case, could have political backing.
Conclusion: While some make massive profits, the volatility of these currencies poses significant risks to investors.
This article is posted on BitPinas: Quick Take: Trader Turns $1.1 Million into $70 Million in $TRUMP Meme Coin
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