Traders Reap Hundredfold Gains from Trading Meme Coin MAGA Hat

Several holders of the politically-themed meme token MAGA Hat (MAGA) have reaped million-dollar profits from its price surge, as noted by analysts at Lookonchain.

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

— Lookonchain (@lookonchain) May 27, 2024

One trader purchased 6 billion MAGA on May 24 and 25 for a total of $537,500. On May 27, following a significant price jump, he sold 1.5 billion MAGA for 744,000 USDT. He retains 4.5 billion MAGA valued at $2.51 million.

In three days, the trader’s profit amounted to $2.7 million, with a return on investment of 505%.

Since Apr 8, theunipcs.eth spent 276.4 $ETH($863K) to buy 4.56B $FLOKI($1.1M currently) and spent 18.45 $ETH($57K) to buy 6.27B $MAGA ($3.48M currently).

In less than 2 months, he earned $3.4M (+6005%) on $MAGA and 245K(+28%) on $FLOKI.https://t.co/KcHii3pdtt pic.twitter.com/rojnnhkH7K

— Lookonchain (@lookonchain) May 27, 2024

The wallet owner theunipcs.eth has spent 18.45 ETH ($57,000) since April 8 to purchase 6.27 billion MAGA. His investment is currently valued at $3.48 million, with a return of +6005%.

The meme token MAGA stands for Donald Trump’s slogan: “Make America Great Again.” According to CoinGecko, the token is trading at $0.0006246 at the time of writing, with a daily increase of 184.9%.

Previously, a trader who earned $1 million on the MAGA token was suspected of insider trading.