A crypto trader has experienced an incredible 86,000% gain on their investment in the Ethereum-based meme coin MAGA (TRUMP), turning $6,500 into an impressive $5.6 million. This surge in value coincided with Donald Trump’s recent endorsement of cryptocurrencies, indicating potential voter support for candidates who advocate for crypto-friendly policies.
According to blockchain tracking firm Lookonchain, the trader known as ‘waxl.eth’ made this remarkable gain by purchasing $6,500 worth of MAGA (TRUMP) late last year, and the investment is now worth $5.6 million. The MAGA memecoin, launched in August 2023 as a tribute to former US President Donald Trump, currently has a market capitalization of $298.3 million, making it the 234th largest digital asset. TRUMP is currently trading at $6.40, showing a significant increase of over 51.9% in the last 24 hours.
The surge in MAGA (TRUMP) value aligns with reports of Donald Trump expressing positive views on cryptocurrency during a dinner event at Mar-a-Lago on May 8th. Trump also announced during the event that he would accept cryptocurrency donations for his presidential campaign.
Furthermore, another trader identified by Lookonchain has made $4.4 million in profits by investing in TRUMP after purchasing hundreds of thousands of the meme assets between December 2023 and January 2024.
Donald Trump’s endorsement of cryptocurrencies has attracted voters who support his commitment to protecting the rights of crypto investors. In a recent campaign speech, Trump criticized the Biden administration for what he sees as overly strict regulatory measures against digital assets. He emphasized the importance of voting for him if you support crypto, stating, “If you like crypto in any form…if you’re in favor of crypto, you better vote Trump.”
During a CNBC interview, Trump expressed his stance on Bitcoin and other digital assets, indicating that he would not enforce regulatory crackdowns. A report from Standard Chartered suggests that Bitcoin’s market performance could benefit from a re-election of Donald Trump, with price projections of $150,000 by the end of the year and $200,000 by 2025.