This wallet, which spent 540,700 USDT to buy 1.08 million TRUMP tokens at $0.50 each, realized about $8.3 million in profits from the deposit.
A MAGA whale recently made $8.3 million in profits after the price of TRUMP tokens surged last weekend. This surge followed a failed attack on former US President Donald Trump, which caused memecoins, including TRUMP, to rise sharply.
On-chain data provider Lookonchain reported that a wallet, likely belonging to GCR (@GiganticRebirth), deposited 1.08 million MAGA tokens worth $8.85 million on the BTSE exchange. The realized profits from this deposit were about $8.3 million. This wallet had originally spent 540,700 USDT to buy 1.08 million TRUMP tokens at an average price of $0.50 between November 22 and December 4, 2023.
A wallet suspected to be #GCR(@GiganticRebirth) deposited all 1.08M $TRUMP($8.85M) into #BTSEExchange 7 hours ago, making a profit of ~$8.3M.
This wallet spent 540,700 $USDT to buy 1.08M $TRUMP at an average price of $0.5 from Nov 22 to Dec 4, 2023.
Address:… pic.twitter.com/95ZoPsl9ca
— Lookonchain (@lookonchain) July 15, 2024
Another address, labeled “GCR: Address 1,” still holds 936,279 TRUMP tokens worth $7.23 million, sitting on an unrealized profit of more than $6.5 million.
Foiled Trump Attack Boosts Re-Election and Crypto Rally
The attack on Trump last Saturday, which failed, significantly boosted his re-election chances. As Trump promoted himself as a pro-crypto candidate, Bitcoin and the broader crypto market rallied strongly. Over the weekend, the price of MAGA (TRUMP) surged by 60%, reaching over $10. After the whale took profits, the meme coin’s price fell nearly 25% from its peak. Despite this drop, MAGA still trades 42% higher on the weekly chart, with a market cap of $334 million.
Tech influencer Elon Musk and blockchain entrepreneur Justin Sun publicly supported Trump’s 2024 presidential campaign soon after the assassination attempt at a Pennsylvania rally. Musk, CEO of SpaceX and Tesla, endorsed Trump by sharing a photo of him on X, praising his resilience. “The last time America had a candidate this tough was Theodore Roosevelt,” Musk tweeted. Justin Sun, founder of the Tron blockchain, also endorsed Trump, citing his favorable stance on the crypto industry and his commitment to fairer treatment for the sector.
Trump’s pro-crypto stance includes his promise to stop “Joe Biden’s crusade to crush crypto” and his acceptance of crypto donations for his campaign. He promotes himself as a champion of the US crypto sector, advocating for America to lead the global industry. By positioning himself as a defender of crypto, Trump aims to garner support from the growing community of crypto enthusiasts and investors.