A crypto trader has turned a $1.1 million investment into $70 million (₱4.09 billion) in just four hours by capitalizing on the launch of $TRUMP, a meme coin endorsed by President-elect Donald Trump on Solana.
By the Numbers:
Initial Investment: The trader purchased 5.97 million $TRUMP tokens for $1.1 million when the market cap was $23 million.
Quick Gains: Sold 1.35 million tokens for $3.65 million within four hours.
Remaining Holdings: Retains 4.62 million $TRUMP, now valued at $67.5 million.
Previous coverage:
Trump’s Endorsement: $TRUMP launched as part of Trump’s ongoing push to position himself as a pro-crypto leader.
This continues to highlight the speculative frenzy surrounding memecoins and the outsized influence of celebrity-backed tokens, or in this case, could be politically backed.
Bottomline: While some see massive profits, the volatility of these coins poses significant risks for investors.
