Memecoin trader becomes millionaire with just $96 in TRUMP-coin

A cryptotrader has managed to turn a modest $96 investment into more than $3.06 million. The reason for his astronomical gain of 3,187,400 percent? An infamous memecoin with ticker: TRUMP.

According to Lookonchain, on August 12, 2023, the trader bought a total of 608,650 TRUMP tokens for just 0.052 ETH (96 US dollars). MAGA (TRUMP) then debuted as the first major PolitiFi mecoin. The PolitiFi sector, which includes political memecoins, grew explosively in the first quarter of 2024.

Although the value of the TRUMP token has fallen 77.34 percent since its peak in June, the trader still remains rich. When he bought the token, its value was less than 0.01 cents. At its peak, he held more than $10 million in TRUMP tokens.

So far, the trader has sold 6,000 TRUMP tokens for 11.4 ETH ($30,000), and he still has 594,564 TRUMP tokens worth more than US$3 million. Despite the fierce US election campaign, most PolitiFi tokens, including KAMA and BODEN, are currently well below their all-time highs. This underscores the high risk associated with the highly speculative nature of memecoins.