A trader made $2.7 million by trading $MAGA, with an ROI of 505%!

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.

A trader, known by the wallet “0x303,” has made a remarkable profit of $2.7 million in just three days by trading the Trump-themed MAGA (TRUMP) meme token. This substantial gain is derived from an initial investment of $535,000, used to purchase six billion MAGA tokens on May 25, yielding an over 505-fold return.

In just 3 days, this trader made $2.7M by trading $MAGA, with an ROI of 505%!

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.https://t.co/KaRYLuELKN pic.twitter.com/Pgd5hKVpc5

Shortly after acquiring them, the trader sold 1.5 billion MAGA tokens for $744,000, while retaining 4.5 billion tokens, now valued at $2.51 million. Notably, Republican presidential nominee Donald Trump made favorable comments regarding cryptocurrencies, which contributed to the token's sharp rise in value.

Following Trump’s pro-crypto remarks, the MAGA token surged over 78% intraday on May 9, with trading volume escalating to $281 million. The trader's wallet, composed entirely of MAGA tokens, witnessed a substantial rise in value, peaking at over $4 million.

The trader's massive profit has sparked allegations of insider trading, although others suggest the transactions may be linked to maximal extractable value (MEV) bot activity, rather than any privileged information.

Despite the controversy, the incident highlights the volatile nature of memecoins and the substantial risks involved. Trump's pro-crypto stance was a significant factor in this increase. He emphasized his support for cryptocurrency, urging those in favor to vote for him.

Also Read: MEV Bots Linked to $1.05 Million MAGA Token Transactions