Markets
Crypto Whale raises $8 million as TRUMP meme coin surges
A cryptocurrency whale has capitalized on the recent surge in the MAGA (TRUMP) meme coin, making a staggering $8 million profit.
This development comes after the buzz in the cryptocurrency market surrounding the assassination attempt on former US President Donald Trump yesterday.
Trump assassination attempt triggers cryptocurrency market rally
On-chain tracking platform Lookonchain recently reported that a portfolio suspected of belonging to renowned cryptocurrency trader Gigantic-Cassocked-Rebirth (GCR) deposited 1.08 million MAGA (TRUMP) meme coins to the BTSE Exchange. On-chain data reveals that the transfers began about seventeen hours ago. These tokens are valued at approximately $8.85 million.
Read more: 7 Meme Coins and Altcoins That Are Trending in 2024
MAGA Whale Recent Transactions. Source: Arkham Intelligence
This wallet spent 540,700 USDT to acquire TRUMP at an average price of $0.5 per coin between November 22 and December 4, 2023. Assuming the trader capitalized when the coin’s market price nearly reached $8, Lookonchain estimates the profit to be approximately $8.3 million.
However, at the time of writing, the price of TRUMP has stabilized. Data from BeInCrypto shows that it is currently trading at $7.68, down 9.81% in the last 24 hours.
BeInCrypto Reported a Significant Increase in the Price of TRUMP after an assassination attempt on Donald Trump on Sunday. During his campaign event in Butler, Pennsylvania, Trump was shot in the back of the head, with the bullet piercing the top of his right ear. Amid the chaos, Secret Service agents quickly moved Trump off the stage to a nearby medical center.
Despite the severity of the attack, Trump managed to throw a defiant punch at the crowd. The gesture provoked widespread enthusiasm, and many see it as a show of courage. This moment also accumulated support from several public figures, including technology mogul Elon Musk.
The incident’s ripple effects extended beyond the TRUMP meme coin. Bitcoin (BTC) also saw a notable increase following the shooting, rising from $59,000 to over $60,000. Blockchain intelligence platform Santiment noted that Trump’s recent favorable comments about the cryptocurrency industry likely influenced the crypto community’s positive reaction.
“The crypto community has generally shown optimistic responses to pro-Trump news due to his recent pro-crypto comments. Surviving an assassination attempt is perceived as pro-Trump news, hence the optimistic response,” he said.
In the latest development, Bitcoin Magazine CEO David Bailey shared the former president’s current condition. Bailey confirmed via X (Twitter) that Trump’s team is optimistic about his recovery and has planned appearance at Bitcoin Conference 2024.
“He is in good spirits and excited to see you all in Nashville and deliver a speech that will be heard around the world,” he said. he wrote.
Trump’s resilience after the incident appears to bolster his electoral prospects. Data from prediction market platform Polymarket indicates his chances of winning the upcoming November elections have increased from 60% to 71%, an increase of 18.33% in just two days.
Read more: How can Blockchain be used for voting in 2024?
However, Trump’s Change of Position on Cryptocurrencies remains a topic of discussion. During his previous presidency, Trump was an outspoken critic of Bitcoin and other digital currencies. This shift raises questions about his sincerity and potential policy changes if he returns to power.
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