As per the latest on-chain data, a MAGA whale has recently minted a staggering $8.3 million in profits following the TRUMP price rally over the last weekend. Following the failed attack on former US President Donald Trump during the last weekend, meme coins have been rallying even harder.
On-chain data provider Lookonchain reported that a TRUMP wallet, suspected to belong to GCR (@GiganticRebirth), has deposited a total of 1.08 million MAGA tokens worth a staggering $8.85 million to the BTSE exchange in the past few hours. The total realized profits were reportedly around $8.3 million.
This wallet initially spent 540,700 USDT to purchase 1.08 million TRUMP tokens at an average price of $0.50 between November 22 and December 4, 2023.
However, it turns out that another address tagged “GCR: Address 1” is still holding 936,279 TRUMP coins worth $7.23 million and has not sold yet. This address is currently sitting on a potential profit of more than $6.5 million.
Another address tagged “GCR: Address 1” still holds 936,279 $TRUMP($7.23M) and has not sold it, with a profit of more than $6.5M!https://t.co/qGFbpGAuJW pic.twitter.com/16LpqJX61e
— Lookonchain (@lookonchain) July 15, 2024
The attack on Donald Trump last Saturday was ultimately foiled which significantly boosted the re-election chances of the former US president. With Trump projecting himself as the pro-crypto candidate Bitcoin and the broader crypto market registered a strong rally.
During the last weekend, the MAGA (TRUMP) price shot up by a staggering 60% shooting up all the way above $10. However, following the profit booking by the whale, the meme coin has corrected nearly 25% from the top. On the weekly chart, MAGA still trades at a premium of 42% with a market cap of $334 million.
Interestingly, despite this attack, Donald Trump still remains committed to attending the Bitcoin 2024 Conference scheduled in the last week of July.
Also Read: Elon Musk and Justin Sun Endorses Donald Trump Post-Attack
Along with the MAGA coin, other meme coins have also rallied strongly over the past weekend. All of the top ten meme coins are up by 4-10% in the last 24 hours.
Amidst the political turmoil, Politifi Tokens present a new buying opportunity. Trump’s upcoming speech at the Bitcoin 2024 conference is now anticipated to have an even greater impact on the market.
Also Read: Trump Vs Biden Election Outcome Unlikely To Deter Bipartisan Support For Crypto
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