A clever investor has managed to turn a $541,000 investment into a remarkable profit of $15.7 million by placing a bet on Maga (TRUMP), a meme coin inspired by former President Donald Trump. The surge in value began a week after Trump announced his intention to run again last November, prompting the trader to acquire 1.079 million $TRUMP tokens. Despite fluctuations in the market and the temptation to sell during a significant price increase in April, the investor held onto the coins, ultimately reaping the benefits as $TRUMP reached an all-time high.
The surge in popularity of presidential election-themed meme coins was sparked by Trump’s announcement that cryptocurrencies could be used for campaign donations. Known for his impact on the crypto market, Trump once again attracted attention with this latest move.
MAGA Coin, inspired by the “Make America Great Again” slogan, has witnessed an 88,000% increase in value year-to-date, signaling the emergence of a new category in political finance cryptocurrencies, playfully referred to as “Politi-Fi.” As of now, MAGA Coin is ranked as the 228th largest cryptocurrency by market capitalization.
According to Spot On Chain, the trader initially invested $541,000 to acquire 1.079 million $TRUMP tokens after Trump announced his re-run last November. Despite a significant price surge in April that could have resulted in a profit of $11 million if the coins were sold, the investor chose to hold onto the tokens. This decision paid off when $TRUMP hit a new all-time high, increasing the value of the investor’s holdings to an impressive $15.7 million, with an estimated profit of $15.3 million.
The rise in $TRUMP’s value can be credited to factors such as increased media coverage, growing support from the crypto community, and speculation surrounding Trump’s political activities. Despite its name, MAGA Coin, launched in August to support U.S. veterans and combat child trafficking, is not officially associated with Donald Trump.
During a recent X space discussion, David Bailey, CEO of BitcoinMagazine and a cryptocurrency advisor to the Trump campaign, revealed that he had met with former President Trump, who expressed interest in using Bitcoin to address the $35 trillion national debt. While Bailey admitted to having ideas on the matter, he was not prepared to discuss them during their initial meeting.
In a surprising turn of events, Trump has made statements in favor of Bitcoin to garner support from the crypto community, indicating a potential shift in his stance towards the cryptocurrency. This new information suggests that Trump is seriously considering adopting Bitcoin for the U.S., a topic he has not previously discussed.
With approximately 53 million Americans owning cryptocurrencies in 2023, the highest number globally, Trump’s openness to Bitcoin adoption could have significant implications. As he continues to explore this possibility, the future of cryptocurrency in political finance remains uncertain.