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Web 3 Journalist
Tim Hakki
Web 3 Journalist
Tim Hakki
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A crypto trader has become a multi-millionaire after betting a modest $96 and getting astronomical returns of 3,187,400% on a political meme coin.
According to data from Lookonchain, the trader spent just 0.052 ETH ($96) to buy 608,650 MAGA ($TRUMP) on August 12, 2023.
MAGA debuted last year as the first major political parody meme coin to go on chain in the run-up to next month’s US Presidential Election.
During the first quarter of 2024, crypto prices rallied sharply due to excitement over SEC-approved Bitcoin investment products in January, and a Bitcoin mining rewards halving in April. Currently, $TRUMP trades at $2.94, down 83% from its all-time high of $17.51 on June 1st.
When the wallet owner bought 608,650 $TRUMP, it was trading at less than $0.01.
So far, they have sold 6000 $TRUMP for realized profits of 11.4 ETH ($30,000), with 594,564 $TRUMP worth a little over $1,748,000.
In general, $TRUMP has been pushing past former resistance levels as the campaigns go on.
Throughout this month, the token bounced up to $5.50, its highest price in three and a half months. September 24th delivered the token’s lowest price this year: $1.76.
In the last 24 hours, MAGA has crashed 27% while the meme coin sector contracted 3.5% to hit $62 billion.
The token’s rising relative strength index of 38 indicates that MAGA’s crash will lose steam as the $3 price tag attracts more dip buyers.
TRUMP Isn’t The Only Big Vote This Fall: Vote-To-Earn Meme Coin Flockerz Raises $1 Million at Presale
Despite the intensity of the U.S. election campaign, major political parody meme coins are trading well below their all-time highs. $KAMA and $BODEN imploded in recent months and a similar fate could befall $TRUMP after the season is over.
This underlines the enormous risk that comes with the highly speculative meme coins.
However, over in the world of meme coin ICOs, many innovative projects are launching, which give investors multiple avenues to earn consistent rewards, all while keeping the fun, volatility and viral marketing of meme coins.
This fall, meme coin fans have been piling into a new vote-to-earn (V2E) meme coin called Flockerz ($FLOCK).
Its presale launched last month and has rapidly raised nearly a million dollars ($971,745 at the time of writing).
Touting itself as “The People’s Meme Coin,” Flockerz offers crypto fans unrivalled community-building incentives and staking rewards.
Holders of Flockerz (known as “The $FLOCK”) are integral members of a decentralized autonomous organization (DAO) called Flocktopia, where they can draft and vote on governance and improvement proposals.
This structure ensures community consensus dictates the decisions rather than a centralized authority.
Some 25% of the project’s 12 billion $FLOCK meme coin supply is for staking, with the protocol offering stakes eye-watering yield of 1,738% on the tokens they lock up over a two-year staking period.
Flockerz is a transparent and fully audited project.
That’s why Coinsult audited its smart contract, to give investors peace of mind.
Furthermore, Flockerz is eyeing up listings on both centralized and decentralized exchanges (CEXs and DEXs), so it has global ambitions, like Bitcoin Cash. The vote-to-earn mechanism will launch after listings.
Hold on, because this $FLOCK is taking off!
Join now. Follow Flockerz on X and Telegram.
Visit the Flockerz Presale Website
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
