Recently, a cryptocurrency whale profited $8 million from the surge in the MAGA (Trump) meme coin.
Previously, there were rumors in the cryptocurrency market of an attempt to assassinate former U.S. President Trump yesterday.
Trump assassination attempt triggers cryptocurrency market volatility
On-chain tracking platform LookOnChain recently reported that a wallet suspected to be of the famous cryptocurrency trader Gigatic-Kasak-Reverse (GCR) deposited 1.08 million Maga (TRUMP) meme coins on the BTSE exchange. On-chain data shows that the transfer began approximately 17 hours ago. The tokens are worth approximately $8.85 million.
Additionally, the wallet used 540,700 USDT to acquire Trump between November 22 and December 4, 2023, at an average price of $0.50 per coin. Assuming the trader capitalized when the token’s market price was close to $8, LookOnChain estimated to have made a profit of approximately $8.3 million.
However, as of this writing, Trump’s price has stabilized. It is currently trading at $7.68, down 9.81% in the past 24 hours, according to BeInCrypto.
Impact on the Cryptocurrency Community
The implications of the Trump assassination attempt extend beyond the Trump meme coin. Bitcoin (BTC) also experienced significant movement, rising from $59,000 to over $60,000. Blockchain intelligence platform Santiment analyzed that Trump’s recent favorable remarks about the cryptocurrency industry seem to have influenced the positive response of the cryptocurrency community.
“Due to Trump’s recent pro-crypto comments, the cryptocurrency community has generally reacted optimistically to pro-Trump news. Surviving an assassination attempt is considered pro-Trump news and therefore reacts strongly,” Santiment explained.
Moreover, recent developments have led to a surge in Trump’s popularity and potential electoral prospects, as reflected in the prediction market platform PolyMarket, where Trump’s chance of winning the upcoming November presidential election has increased from 60% to 71% in just two days.
Trump’s Political and Policy Shifts
While Trump’s recovery after the incident appears positive for his campaign, his changing stance on cryptocurrencies remains controversial. During his previous term as president, Trump publicly criticized Bitcoin and other digital currencies, raising questions about his sincerity and potential policy changes once back in office.
Overall, the recent events surrounding former President Trump have had far-reaching effects on both the cryptocurrency market and political landscape, leaving many observers intrigued by the unfolding developments.
