Memecoins
Whale Makes $8 Million With TRUMP Memecoin As PolitiFi Tokens Soar
Trump-inspired tokens surged about 40% after the attempted assassination of Donald Trump. As a result, PolitiFi tokens ended the week outperforming most categories in the sector. This remarkable performance allowed some crypto whales to make millions in profits from the MAGA (TRUMP) memecoin.
Crypto whale profits from Trump memecoin
On Sunday, on-chain tracking platform Lookonchain reported that a crypto whale had made millions from a Trump-inspired memecoin. One address deposited all of its TRUMP holdings onto the BTSE crypto exchange.
According to reportThe whale purchased 1.08 million TRUMP between November 22 and December 4, 2023. The address acquired the tokens at an average price of $0.5, spending $540,000 on the memecoin. Apparently, the whale made $8.85 million from the tokens, including $8.3 million in profits.
According to Lookonchain, the wallet allegedly belongs to popular cryptocurrency trader GCR. However, it was later confirmed that the address in question was not linked to the cryptocurrency trader.
Lookonchain also reported another address holding a significant amount of Inspired by Trump memecoin. The second address, also suspected to be linked to the crypto trader, has $6.5 million in TRUMP’s unrealized profits.
The Whale Wallet tagged “GCR: Address 1” spent over $700,000 to purchase 936,279 TRUMP. The address purchased the tokens at an average of $0.75 between December 8, 2023 and January 18, 2024.
At the time of publication of the report, the whale’s assets were worth approximately $7.23 million. However, it has not been confirmed whether this address is linked to the famous crypto trader.
PolitiFi and Trump-Inspired Tokens Are Soaring
Former US President Donald Trump survived an assassination attempt this weekend. The Republican presidential candidate was shot in the ear during a campaign rally in Butner, Pennsylvania.
Following the news, PolitiFi tokens surged more than 30%. DeFi creator and analyst Jake Pahor noted that the PolitiFi sector outperformed most categories over the weekend.
Pahor cited data from DeFiLlama, revealing that PolitiFi tokens are up 36.7% in the past week. The DeFi analyst also noted that “all categories have outperformed Bitcoin over the past 7 days, possibly indicating a shift toward a risk-on environment.”
Before the failed Trump assassination attempt, Trump-inspired memecoins were surging. jumped after the former US president was announced as a keynote speaker at the Bitcoin 2024 conference on July 27.
TRUMP’s price rose from $5.74 to $6.54 after the news. This performance represents a 15% and 39.5% increase on the daily and weekly time frames. Since then, the largest Trump-themed memecoin has seen a 35% increase, fueled by the most recent incident.
Following the assassination attempt, the token jumped from the $6.3 price range to the $9.51 mark, increasing by more than 50% in twelve hours. On Sunday, the memecoin hovered between $7.3 and $7.9, starting the week at $7.47.
As of this writing, TRUMP is trading at $8.15, up 3.8% from the previous day. This performance also represents an increase of 35.3% and 22.2% over the one- and two-week periods.
Featured image from Unsplash.com, chart from TradingView.com