Ethereum-Based Memecoin (ETH) Skyrockets by 86,000%: Unprecedented Growth Revealed in On-Chain Data

  • New on-chain data reveals that one lucky trader is seeing a more than 86,000% gain on his Ethereum (ETH)-based memecoin investment.
  • According to blockchain tracking firm Lookonchain, one investor bought $6,500 worth of the MAGA (TRUMP) late last year and is now sitting on $5.6 million worth of funds.
  • The MAGA memecoin, founded in August 2023 and based on former US President Donald Trump, currently has a market cap of $298.3 million, making it the 234th ranked digital asset.

An Ethereum-based memecoin investment has yielded an 86,000% gain for one trader, turning a $6,500 investment into $5.6 million. The MAGA memecoin, based on former US President Donald Trump, has a market cap of $298.3 million.

Unprecedented Gain on MAGA Memecoin Investment

The trader, known as ‘waxl.eth’, managed to turn a $6,500 investment into $5.6 million with TRUMP, a gain of 870x! He bought 2.08 million TRUMP via two wallets and sold 1.24 million TRUMP for $902,000, with 832,000 TRUMP ($4.7 million) left.

Surge in Value Following Trump’s Pro-Crypto Remarks

The sudden surge in the value of the MAGA memecoin comes after Trump reportedly made pro-crypto remarks on May 8th during a dinner event he hosted in Mar-a-Logo for supporters who bought non-fungible tokens (NFTs) from his “Mugshot Edition” collection. During the event, Trump announced that he would be accepting crypto donations towards his presidential campaign.

Another Trader Sees Significant Profits

Lookonchain also noticed another trader who is sitting on $4.4 million in profits through buying TRUMP after purchasing hundreds of thousands of the meme asset in December 2023 and January 2024. The address tagged ‘GCR: Address 1’ spent 703,460 USDT to buy 936,279 TRUMP at $0.75 from December 8th, 2023 to January 18th, 2024, and now has a floating profit of $4.4 million!

Conclusion

These massive gains highlight the potential profitability of memecoin investments, particularly in the context of a bullish crypto market. However, investors are reminded to exercise caution and conduct thorough research before making any high-risk investments in Bitcoin, cryptocurrency or digital assets.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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