Since last weekend, the crypto market witnessed a renewed recovery momentum as pioneer digital asset Bitcoin rebounded from $60,000. The memecoin sectors, known for their volatile nature and speculative trading, often provide a dynamic move amid new market changes. A crypto trader has recently leveraged this trend and made $3 Million from just $96 by trading TRUMP tokens.
Crypto Trader Turns $96 to $3 Million
On August 12th, a crypto trader made an initial purchase of 608,650 TRUMP tokens on Uniswap, spending only 0.052 ETH, which was worth around $96 at the time. With the escalating competition between former president Donald Trump and U.S. Vice President Kamala Haris, the PolitiFi tokens are gaining significant traction among crypto investors.
The 2024 U.S. presidential race and its surrounding developments have had a major impact on top meme coins, allowing savvy crypto trade to capitalize on a high momentum rally.
According to Etherscan, the aforementioned crypto trader has started selling portions of his TRUMP holding, booking profit after a notable recovery. Yesterday, the trader sold 6k Trump tokens for 11.4 ETH (worth approximately $30,000)
Despite this sale, the crypto trader still holds a significant amount of TRUMP tokens, with 594,564 remaining in its wallet, valued at an impressive $3.06 million.
By the press time, the TRUMP token trades at $4.2, with an intraday loss of 18.8%. Consecutively, the market cap surged to $180.1.
As Doland Trump’s winning bet surged to 60.1% in Polymarket, a prediction market platform, the PolitiFitokens like MAGA (TRUMP), MAGA HAT (MAGA), and Doland Tremp (TREMP) should witness aggressive bullish momentum.
Ethereum and Solana: The Growing Platforms for Memecoins
Beyond TRUMP’s success, the other meme cryptocurrencies on the Ethereum and Solana blockchain are reclaiming investors’ attention. These joke coins build on a robust infrastructure of Ethereum and the highly scalable Solana blockchain thriving due to their community-driven hype.
Ethereum memes such as Shiba Inu (SHIB) and Pepe coin (PEPE) and Solana-based coins like Dogiwfhat (WIF) and Gluteus Maximus (GOAT) are positioned for prolonged recovery amid increasing utility and whale interest.
Conclusion:
The ability to turn $96 into $3 million is nothing short of incredible, showing how meme cryptocurrency could turn a crypto trader from zero to hero. However, investors should remain cautious when trading these assets as their volatility could shake trade sentiment in seconds.
Frequently Asked Questions (FAQs)
The trader invested 0.052 ETH (around $96) to purchase 608,650 TRUMP tokens on Uniswap in August 2023. As TRUMP’s price surged, the trader sold portions of their holdings, eventually turning the initial $96 into $3 million
The 2024 U.S. presidential race, particularly the competition between Donald Trump and Kamala Harris, has significantly boosted the popularity of PolitiFi tokens
Meme coins thrive on the Ethereum and Solana blockchains due to their robust infrastructure and community-driven hype.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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