In just three days, an impressive trade resulted in a trader earning $2.7 million by trading the memecoin known as $MAGA. According to Lookonchain data, this incredible profit equates to a return on investment (ROI) of 505%.
The trader initially spent $537.5K to purchase 6 billion $MAGA tokens on May 24 and May 25. However, they recently decided to sell 1.5 billion $MAGA tokens for $744K worth of $USDT, a stablecoin commonly used for trading due to its stable value. Despite selling off some tokens, the trader still retains a substantial amount, currently holding 4.5 billion $MAGA tokens valued at $2.51M.
This trade not only highlights the volatility and risks associated with cryptocurrency trading but also showcases the lucrative opportunities it presents. Such trades are attracting more investors to this high-reward market. However, to profit from price fluctuations, traders must remain vigilant and responsive to changing market dynamics.
In summary, this trader’s strategic purchase and subsequent sale of $MAGA tokens have yielded a significant return. With half a million invested in trades, the trader managed to earn a substantial amount within just a few days. With 4.5 billion $MAGA tokens still in their possession, there is potential for further gains. The current value of their holdings exceeds $2.5 million, solely from this trade.
