A savvy trader made a staggering $2.7 million profit in just three days with the Donald Trump-themed MAGA (TRUMP) meme token.
The memecoin trader, identified as wallet “0x303,” invested over $535,000 to purchase six billion MAGA tokens on May 25.
This resulted in an over 505-fold return on his initial investment, as reported by Lookonchain on May 27:
“He spent $537.5K to buy 6B $MAGA on May 24 and May 25, then sold 1.5B $MAGA for 744K $USDT to take profits 10 minutes ago.
“He currently holds 4.5B $MAGA, worth $2.51M.”
The trader’s wallet consists entirely of MAGA tokens, which have surged over 82% in the past 24 hours.
The wallet’s value currently exceeds $2.2 million, having been worth over $4 million a few hours earlier, according to CoinStats data.
The MAGA token has experienced significant increases following pro-crypto comments from Republican presidential candidate Donald Trump.
On May 9, MAGA spiked over 78% intraday, with trading volume climbing over 62% to $281 million, after Trump expressed his support for crypto.
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“I’m fine with it. I want to make sure it’s good and solid and everything else. But I’m good with it.
“And if you like crypto in any form (and it comes in many different forms), if you are in favor of crypto, you better vote for Trump.”
The $2.7 million profit achieved by the savvy trader has led to widespread allegations of insider trading on X, with Datawallet commenting:
“No one spends $500k on a memecoin without some ‘extra’ knowledge.”
Last week, Lookonchain noted potential insider selling of MAGA memecoins, pointing out that an insider had previously spent 5.35 Ether to buy 33% of the MAGA supply using 22 different wallets.
However, pseudonymous X user Dominium suggested that the transactions could be due to maximal extractable value (MEV) bot activity, which exploits arbitrage opportunities to generate profits, rather than insider trading.
“That’s MEV bot transactions if you look at it carefully”
Many users have questioned the validity of Lookonchain’s claims, suggesting that the alleged insider could be an MEV bot.
Regardless of the cause, memecoins are known for their significant risks and price volatility.
For instance, an unfortunate memecoin trader recently lost over $1 million due to the Normie memecoin exploit, resulting in a more than 99% loss on his initial $1.16 million investment.
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