Mystery Trader Earns 167000 Dollar Profit in 5 Hours Trading Trump Tokens
Former US President Donald Trump, a Republican running for president in the next election, was found guilty of 34 felonies related to falsifying financial records. Twelve jurors in New York reached a unanimous guilty verdict in the much anticipated Hush Money trial, finding former US President Donald Trump guilty on all 34 felony counts, with sentencing scheduled for July 11.
As the news of #DonaldTrump being found guilty, many Trump-themed #MEMEcoins were created.
— Lookonchain (@lookonchain) May 31, 2024
A smart trader has made ~ 972 $SOL($167K) in 5 hours by trading Trump-themed tokens FREE TRUMP( $FREE) and NEVER SURRENDER( $TRUMP).
He spent 85 $SOL($14.6K) to buy $FREE and sold for… pic.twitter.com/G1uEO49Zw6
According to a tweet by Lookonchain, a blockchain analytics platform on the X (formerly known as Twitter) social media platform, the guilty verdict of Trump had a bright spot for one cryptocurrency trader who made over $167,000 in profit through strategically placed trades involving Trump-related tokens, such as FreeTrump (FREE) and Never Surrender (TRUMP), which were launched soon after the guilty verdict was rendered.
The savvy crypto trader profited from the volatility of tokens with Trump themes, particularly FreeTrump and Never Surrender, by employing a calculated strategy. The trader turned them into roughly 972 Solana (SOL) tokens, worth $167,000, in just five hours.
The trader bought FREE tokens for 85 SOL (worth $14,600) at first and then sold them for 814 SOL (worth $140,000), making a profit of 729 SOL (about $125,000). Furthermore, 72 SOL (worth $12,300) was used to purchase TRUMP tokens, which were subsequently sold for 315 SOL (worth $54,000), resulting in a profit of 243 SOL, or $42,000.
The biggest Trump memecoin by market cap, MAGA, which is not directly linked to Donald Trump, saw its trading volume increase by 171.20% after the guilty verdict was reported. Much of that was contributed by a whale who bought MAGA worth $498,000 at the dip, and this surge has created a new set of millionaires in the new PoliFi crypto sector, where politics, finance, and cryptocurrency converge.
There are various other cryptocurrencies that are similar to MAGA and other Trump-inspired tokens. All of these tokens are speculative, though, and they might not even be available in the markets tomorrow as they carry a high risk of fraud or rug pulls.
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