Published: January 18, 2025 at 3:10 pm
Updated on January 18, 2025 at 3:10 pm
So today, we got the big reveal of the TRUMP memecoin by none other than President-elect Donald Trump. It’s hard to believe, right? But it quickly gained traction, and we started hearing from traders who were cashing in on this wild ride.
One trader in particular has a story that’s hard to ignore. They turned a $1.09 million investment into a jaw-dropping $90 million. According to LookOnChain, this trader swapped $1.09 million USDC for 5.7 million TRUMP tokens just minutes after Trump’s announcement on X.
LookOnChain confirmed the transaction, noting that the trader paid an $85,000 tip to Jito, a Solana infrastructure provider, to speed up the processing. The tokens were then sent to “ff.sol” before being dispersed across many wallets.
The trader did the usual buy-sell dance. They sold parts of the TRUMP tokens to different wallets for $3.65 million USDC, bought some back, and sold them again. As of now, they’re still holding 4.62 million TRUMP tokens worth $87 million. All in all, they’re sitting on a total of over $90 million from this escapade.
The TRUMP token’s launch was nothing short of a rocket launch, hitting a $4 billion market cap in mere hours. CoinGecko now ranks it among the top 40 cryptocurrencies. The token skyrocketed 9,621%, trading at $19.01 from an initial price of $0.1835. With a total supply capped at 200 million, the fully diluted valuation stands at $21 billion.
Trump characterized the token as a celebration of “everything we stand for” and provided the contract address. Early investors were well rewarded. For instance, wallet “GQSc2C” bought TRUMP at $0.1835 and now holds tokens worth $104 million, as per DEXScreener.
Another investor, 0xSun, purchased 999,895 TRUMP tokens for 3,000 SOL at an average price of $0.6. This person has sold 899,895 tokens for $3.1 million, retaining 100,000 TRUMP tokens valued at $1.68 million.
But let’s not kid ourselves. Analysts have already pointed out the speculative nature of memecoins. These assets can be incredibly volatile, and losses can be steep. Both Meteora and Jupiter exchanges have verified the TRUMP token’s legitimacy, addressing concerns about its authenticity.
Investing in memecoins like TRUMP can be rewarding, but it’s also risky. If you’re considering this path, here are some tips to navigate these waters:
The TRUMP memecoin’s launch has shown there’s money to be made in the crypto market trading. But it also serves as a reminder of the risks that come with speculative assets. Do your research, diversify, and stay informed, and you just might navigate the chaotic crypto trading market a little better. Always remember to weigh the potential for high returns against the risks involved.
Access the full functionality of CryptoRobotics by downloading the trading app. This app allows you to manage and adjust your best directly from your smartphone or tablet.
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