In a remarkable turn of events, a savvy trader has transformed a $541,000 investment into an astonishing $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 intention to run for president again 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 reached its all-time high.
The surge in presidential election-themed meme coins was ignited after Trump suggested that cryptocurrencies could be accepted for campaign donations. Known for his influence on the crypto market, Trump has once again captured significant attention with his latest statement.
MAGA Coin, which takes inspiration from the “Make America Great Again” slogan, has experienced an 88,000% increase in value since the beginning of the year, highlighting the emergence of a potential new category in political finance cryptocurrencies, informally known as “Politi-Fi.” As of now, MAGA Coin is ranked as the 228th largest cryptocurrency by market capitalization.
According to Spot on Chain, a trader’s journey with $TRUMP began with a bold investment of 541,000 USDT to acquire 1.079 million $TRUMP tokens. This decision was made following Donald Trump’s announcement of his presidential re-run, a time when market sentiment around $TRUMP was gaining momentum.
In the early months, $TRUMP experienced various ups and downs, which is typical for new and speculative assets in the crypto market. In April, the price of $TRUMP skyrocketed, presenting a lucrative opportunity to sell. If the trader had sold at this peak, the estimated profit would have been around $11 million. However, demonstrating remarkable patience, the trader chose to hold onto their $TRUMP tokens.
This patience paid off handsomely when $TRUMP broke its previous all-time high and reached $15.5. This milestone significantly increased the value of the trader’s holdings to an impressive $15.7 million, resulting in an estimated profit of $15.3 million. The rise in value can be attributed to several factors, including increased media attention, growing support from the crypto community, and speculation surrounding Trump’s political activities.
MAGA Coin was launched in August with the aim of supporting U.S. veterans and protecting 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 has been allocated to child trafficking prevention efforts since MAGA’s inception.
During a recent X space discussion, David Bailey, CEO of BitcoinMagazine and a cryptocurrency advisor to the Trump campaign, revealed that he had met former President Donald Trump for the first time. Bailey shared that Trump had inquired about the potential of Bitcoin to help reduce the $35 trillion national debt. While Bailey mentioned having some ideas, he admitted that he was not prepared to discuss them during their initial meeting.
Trump has made several Bitcoin-friendly statements in an attempt to gain support from the crypto community. However, this new information reveals a different perspective: Trump is genuinely considering the adoption of Bitcoin for the United States, a topic he has not publicly addressed.
In the past, opposition political leaders have frequently criticized current President Joe Biden for the increasing national debt. According to survey reports, Donald Trump currently has a 56% chance of winning against Biden.
According to a report by Visual Capitalist, approximately 53 million Americans owned cryptocurrencies in 2023, making it the highest number worldwide and the third-largest in terms of population share.
During a speech where he addressed various questions, Trump confidently declared, “If you can’t do it, I’ll make sure you can.” When asked about the possibility of accepting cryptocurrency donations for his campaign, he responded, “I believe the answer is yes.”
