MAGA 2024

MAGA

A trader, identified by the wallet “0x303,” achieved a $2.7 million profit within three days by trading the Trump-themed MAGA (TRUMP) meme token. This significant profit was obtained from an initial investment of $535,000 used to purchase six billion MAGA tokens on May 25, yielding an over 505-fold return. 
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 In just 3 days, this trader made $2.7M by trading <a href="https://twitter.com/search?q=%24MAGA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$MAGA</a>, with an ROI of 505%! He spent $537.5K to buy 6B <a href="https://twitter.com/search?q=%24MAGA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$MAGA</a> on May 24 and May 25, then sold 1.5B <a href="https://twitter.com/search?q=%24MAGA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$MAGA</a> for 744K <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$USDT</a> to take profits 10 minutes ago. He currently holds 4.5B <a href="https://twitter.com/search?q=%24MAGA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$MAGA</a>, worth $2.51M.<a href="https://t.co/KaRYLuELKN" target="_blank">https://t.co/KaRYLuELKN</a> <a href="https://t.co/Pgd5hKVpc5" target="_blank">pic.twitter.com/Pgd5hKVpc5</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1794985187597603120?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 27, 2024</a>
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Shortly after buying them, the trader sold 1.5 billion MAGA tokens for $744,000, but he kept 4.5 billion tokens for $2.51 million. Donald Trump, the Republican nominee for president, made positive remarks about cryptocurrencies, which contributed to the token’s sharp rise in value. 
Following Trump’s pro-crypto remarks, the MAGA token surged over 78% intraday on May 9, with trading volume escalating to $281 million. The trader’s wallet, composed entirely of MAGA tokens, witnessed a substantial rise in value, <a href="https://coinstats.app/address/0x303B93f9B073e74cdA7EeA721E4D7F6F1EADd256/" target="_blank" rel="noreferrer noopener">peaking</a> at over $4 million. 
Allegations of Insider Trading 
The trader’s profit has led to insider trading allegations, with some suggesting the transactions might involve maximal extractable value (MEV) bot activity rather than insider knowledge.&nbsp; 
Despite the controversy, the incident highlights the volatile nature of memecoins and the substantial risks involved. Trump’s pro-crypto stance was a significant factor in this increase. He emphasized his support for cryptocurrency, urging those in favor to vote for him. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/05/21/mev-bots-linked-to-1-05-million-maga-token-transactions/" target="_blank" rel="noreferrer noopener">MEV Bots Linked to $1.05 Million MAGA Token Transactions</a> 
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MAGA Memecoin Trader Scores $2.7M Profit After Trump’s Crypto Support

The Crypto Times

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