A MAGA whale has seized an $8.3 million windfall from the recent surge in TRUMP coin prices following a failed attack on former US President Donald Trump over the weekend.
According to Lookonchain, a wallet has transferred 1.08 million MAGA tokens valued at $8.85 million to the BTSE exchange. This move follows a strategic profit-taking maneuver after the MAGA coin soared in response to recent political events.
A wallet initially bought 1.08 million TRUMP tokens for $540,700, averaging $0.50/token from November 22 to December 4, 2023, with another wallet holding 936,279 TRUMP tokens valued at $7.23 million, potentially netting over $6.5 million profit despite recent sell-offs.
The rally in MAGA coin prices was fueled by events surrounding a failed attack on former US President Donald Trump last weekend, which bolstered his re-election prospects. Trump’s alignment with cryptocurrency policies further boosted confidence in the MAGA token and contributed to a broader crypto market rally.
Over the weekend, MAGA prices surged by 60%, peaking above $10 before profit-taking triggered a 25% correction. Currently, it trades at $7.55, marking a 10% decline, yet maintaining a 42% weekly pump with a market capitalization of $334 million, according to CoinMarketCap data.
Donald Trump remains resolute in attending the Bitcoin 2024 Conference scheduled for the last week of July, reinforcing his stance as a pro-crypto candidate amidst these market movements.
Also Read: Bitcoin Surges to $60K Following Trump’s Assassination Attempt
