USDC

MAGA

<p>A memecoin trader has made an impressive $113,000 profit in just 17 hours by betting on the memecoins $TRUMP and $MAGA following Elon Musk’s recent pro-Trump speech, according to Spot On Chain.</p><h2 id="header-0">Elon Musk’s Speech Fuels Memecoin Surge</h2><p>The profitable move was made after Musk gave his speech during which he expressed support for the then President of the United States, Donald Trump. The moment the speech started, the trader started to perform, buying a huge quantity of memecoins at 360,000 $USDC which is a <a href="https://blockchainreporter.net/glossary/stablecoin/" rel="noopener noreferrer nofollow">stablecoin</a> equivalent to USD. The trader bought 2.449 billion $MAGA tokens for $300 and 18,364 $TRUMP for $60.</p><p>It was very timely for the trader to make such move to maximize profit. It is important to note that after only 17 hours of trading the value of these holdings increased. The $MAGA tokens increased their worth to $398,000, and the $TRUMP tokens reached $75,300. All in all, the trader’s position has grown to $473,300, up by $113,000, or a 31.5% gain within less than a day.</p><h2 id="header-1">Trader Profits Big from $TRUMP, $MAGA Memecoins, Proving Speculative Nature</h2><p>This quick profit shows that memecoins are actually highly speculative investments which can bring big profit (or loss) depending on the moment and events. The trader leveraged on the hype that arose from Musk’s trump speech as it appeared to dictate the value of these memecoins.</p><p>This is evident since the memecoins market is unpredictable but this trader got lucky. This trade, highlighted by <a href="https://spotonchain.com/" rel="noopener noreferrer nofollow">Spot On Chain</a>, proves that some investors are getting massive profits from investing in very risky assets such as $TRUMP and $MAGA. Whether this progress will continue further remains questionable, but it is obvious that timing, and market sentiment are critical to these types of investments.</p>

Memecoin Trader Makes $113K Profit After Elon Musk's Pro-Trump Speech

Table of Contents

BlockchainReporter

Other articles published on Oct 7, 2024

Aptos Ecosystem Receives Major Backing with New Fund from Top Venture Firms

Trump Seeks to Replace SEC Chair Gensler

Weekly Article Recap: 9/30-10/04

The UAE Has Exempted VAT on Cryptocurrency and Digital Asset Transfers

Here’s How Much XRP Needed to Make $1M and $5M if XRP Price Hits $5 and $10

Hedera's $HBAR Gains US Institutional Access with Launch of Canary Trust

Join our free newsletter for daily crypto updates!