As a seasoned analyst with years of experience in the volatile world of cryptocurrencies and politics, I must say that the recent events in Butler, Pennsylvania have been nothing short of fascinating. The combination of Donald Trump’s return and Elon Musk’s high-profile endorsement has created a perfect storm, not just for political discourse, but also for the crypto market.
Following the assassination attempt on Donald Trump in Butler, Pennsylvania, the former president subsequently revisited the area, this time accompanied by a novel feature – Elon Musk’s speech at the weekend rally. Although Musk has been backing Trump for some time, this marked their first joint public appearance, symbolizing a formidable pairing. During this event, Trump supporters experienced an increased level of enthusiasm, an effect that is also reflected in the crypto market, where one investor amassed $113 in just 17 hours.
Elon Musk Speech Made $113K For Crypto Investor
At the second rally in Butler, Pennsylvania, a significant crowd of Trump supporters gathered. A notable moment was Elon Musk appearing in a black cap emblazoned with “MAGA” in bold letters. But there was more to it than that: he declared, “I’m not just MAGA; I’m the dark MAGA.” This statement resonated not only with Trump supporters but also with investors in meme coins themed around Trump, leading to substantial profits for them. Furthermore, this “dark MAGA” sentiment seemed to increase Donald Trump’s chances of winning.
In one X post, Lookonchain also revealed that one crypto investor made $113K within seventeen hours after the Elon Musk speech. The investors identified the highly profiting opportunity, where he bought billions of Trump-themed meme coins after investing 360K $USDC. He bought 2.449B $MAGA ($300K) and 18,364 $TRUMP ($60K) during the Elon Musk speech. Interestingly, both these tokens grew exponentially in just a few hours, generating a profit of $113K for the holder.
In a mere 17 hours, this trader has gained approximately $113,000 (an increase of 31.5%) by wagering on meme coins Trump ($TRUMP) and MAGA following Elon Musk’s pro-Trump address.
Yesterday, when Elon Musk’s live talk started, he immediately invested 360,000 USD Coin (USDC) to acquire approximately 2.449 billion MAGA tokens worth about 300,000 USD, and also bought 18,364 TRUMP tokens for around 60,000 USD.
Now, these holdings are…
— Spot On Chain (@spotonchain) October 7, 2024
1) In the world of cryptocurrency trading, timing is everything, and this investor has proven that by making shrewd moves at just the right moments, reaping substantial profits. Meanwhile, a different crypto trader managed to double their initial $4.13 million investment to $8.49 million within 15 days in Popcat, serving as another powerful illustration of the importance of timing in this market.
How is TRUMP & MAGA Memecoin Performing Now?
During Elon Musk’s speech, he encouraged attendees to actively participate in the forthcoming U.S. Presidential election. At a certain moment, he stated emphatically, “If Trump doesn’t win, this will mark the end of elections as we know them – that’s my forecast.
The surge in meme coins related to Donald Trump caused a spike in their market value, much like when he spoke at the Bitcoin Conference. As a direct consequence, the price of TRUMP (MAGA) skyrocketed from $3 to $4.19 within just a few hours. This sudden increase has led to a 30% surge in the token’s value over the past day and a whopping 44.6% growth over the week. Currently, TRUMP (MAGA) is trading at $4.08 with a market cap of $179,480,246. The high demand for this token is evident as the trading volume has surged by 137.5%, now standing at $7,680,681.
Concurrently, the MAGA token has seen a 36% increase in the past 24 hours and a staggering 113% rise over the course of the week. This significant spike can primarily be attributed to Elon Musk’s recent speech, causing the price to climb from $0.0001118 to $0.0001689, currently standing at $0.0001496. Furthermore, it boasts a market capitalization of $58,396,682 and a trading volume of $24,137,743 following a 122% surge.
Despite these spikes, they’re not ideal because their top performances are significantly higher than the current levels. For instance, MAGA reached $0.0007461 four months ago, but it has since dropped nearly 80%. Similarly, TRUMP peaked at $17.52 four months ago, but has fallen by a staggering 77% since then. This suggests that there is ample room for these tokens to increase in value.
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2024-10-07 17:31