Altcoin
Smart Trader Bags 15M Profit Amid Donald Trump’s Court Win
A savvy crypto trader has reaped substantial rewards by betting on the MAGA (TRUMP) meme coin amid a price rally. The Solana based political meme crypto has now surged to an all-time high (ATH). Moreover, the concerned trader holds over $15 million in profits as the MAGA price rallied following Donald Trump’s recent court victory against President Joe Biden.
Smart Trader Nabs Massive Profit From MAGA Rally
The trader initially spent $541,000 USDT to acquire 1.079 million TRUMP tokens shortly after former President Donald Trump announced his re-run last November, according to Lookonchain data. Hence, he now holds a staggering $15.7 million worth of the meme crypto. This translates to an estimated profit of $15.3 million, marking a 28-fold increase in the trader’s initial investment.
Moreover, the TRUMP token saw a significant rise in its value during a major price pump in April, where the trader could have realized massive profits by selling for $11 million. However, the decision to hold onto the TRUMP meme coin reserve has proven exceptionally lucrative as the price broke its previous ATH today. This follows favorable news regarding Trump’s legal battles.
The surge in TRUMP’s value could have been bolstered by the legal victory for Donald Trump. On Tuesday, May 28, Federal Judge Aileen Cannon denied special counsel Jack Smith’s request for a gag order against Trump in the classified documents case. Furthermore, Cannon criticized the prosecution for their lack of adherence to court rules.
The judge underscored their efforts to confer with Trump’s defense team were “wholly lacking in substance and professional courtesy.” Moreover, in her brief order, Cannon pointed out the procedural missteps of the prosecutors. She highlighted their failure to meaningfully engage with Trump’s lawyers before filing the motion.
“Because the filing of the Special Counsel’s Motion did not adhere to these basic requirements, it is due to be denied without prejudice,” she wrote. The rejection of the gag order motion is seen as a strategic win for Trump. This further boosts the confidence of his supporters and likely contributing to the bullish sentiment around the MAGA price trajectory.
Also Read: Ripple CTO Defends Joe Biden’s Gag Order Plea In Trump Trial
MAGA Price Hits ATH
The MAGA crypto price rallied nearly 30% and attained a fresh all-time high of $15.51 today. At press time, the TRUMP coin price soared by 20.06% to $14.47 on Wednesday, May 29. Whilst, the Donald Trump-inspired token held a market cap of $637.66 million. Moreover, the 24-hour trading volume for MAGA spiked 44.71% to $28.40 million.
Additionally, the optimism around Trump’s win against Joe Biden grew, potentially benefiting the MAGA price. Robert Kiyosaki, the author of ‘Rich Dad Poor Dad’ affirmed that Trump is set to win this trial. Furthermore, he slammed Biden for political lynching.
He wrote, “Trump Trial Almost Over. Trump will win because the trial was not based on violation of our laws but on political lynching. The Biden Crime family are real criminals.” In addition, Kiyosaki noted that it’s time the FBI finds Hunter Biden’s computer and leaves the Trump family.
The renowned investor added that the Trump family should be left “alone to do what they do best, which is to make money honestly, make people like you and me rich and Make America Great Again.” He concluded the post with a scathing declaration, stating, “I’ve had enough of the political circus and the Biden family freak show.”
Also Read: Trump-themed MAGA Plummets From All-Time High: Is Recovery In Sight?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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