A brilliant trader has achieved an extraordinary feat by turning a $541,000 investment into a mind-blowing $15.7 million profit through his strategic bet on Maga (TRUMP), a meme coin inspired by former President Donald Trump. This incredible surge began just a week after Trump announced his intention to run for president again last November. At that time, the trader purchased 1.079 million $TRUMP tokens and decided to hold onto them despite market fluctuations and the temptation to cash out during a significant price surge in April. His patience paid off as $TRUMP recently reached an all-time high, allowing him to reap massive rewards.
The surge in presidential election-themed meme coins gained momentum after Trump made a statement suggesting that cryptocurrencies might be accepted for campaign donations. Known for his impactful remarks on the crypto market, Trump once again grabbed attention with this latest announcement.
One such coin, MAGA Coin, which draws inspiration from Trump’s famous slogan “Make America Great Again,” has experienced an astonishing 88,000% increase in value since the beginning of the year. This highlights the emergence of a potential new category in political finance cryptocurrencies, informally referred to as “Politi-Fi.” As of now, MAGA Coin ranks as the 228th largest cryptocurrency by market capitalization.
According to Spot on Chain, the trader embarked on his journey with $TRUMP by making a bold investment of 541,000 USDT to acquire 1.079 million $TRUMP tokens. This decision was made following Trump’s announcement of his presidential re-run, a time when market sentiment around $TRUMP was gaining momentum.
In the initial months, $TRUMP experienced the typical ups and downs seen in new and speculative assets in the crypto market. In April, the price of $TRUMP skyrocketed, presenting a lucrative opportunity for the trader to sell and potentially make around $11 million in profit. However, displaying remarkable patience, the trader chose to hold onto his $TRUMP tokens.
This patience paid off handsomely when $TRUMP surpassed its previous all-time high and reached a peak of $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 surge in $TRUMP’s value can be attributed to factors such as increased media attention, growing support from the crypto community, and speculation surrounding Trump’s political activities.
It’s important to note that MAGA Coin, launched in August, aims to support U.S. veterans and prevent child trafficking. Although it bears the former president’s name, it is not officially affiliated with or endorsed by Donald Trump. The official website states that 234.75 ETH has been donated to U.S. veterans and 204.5 ETH to child trafficking prevention efforts since MAGA’s inception.
In a recent discussion, David Bailey, the CEO of BitcoinMagazine and a cryptocurrency advisor to the Trump campaign, revealed that he had the opportunity to meet former President Donald Trump. During their conversation, Trump expressed interest in exploring whether Bitcoin could help reduce the $35 trillion national debt. Bailey mentioned that he had some ideas but wasn’t prepared to discuss them at their initial meeting.
Trump has made several statements in support of Bitcoin to gain political backing from the crypto community. However, this new information reveals a different angle: Trump is genuinely considering adopting Bitcoin for the U.S., a topic he hasn’t publicly discussed before.
It’s worth noting that in the past, opposition leaders have frequently criticized current President Joe Biden for the increasing national debt. Survey reports indicate that Donald Trump currently holds a 56% chance of winning against Biden.
According to a Visual Capitalist report, approximately 53 million Americans owned cryptocurrencies in 2023, making the United States the country with the highest number of cryptocurrency owners 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 with a resounding “yes.”
