The cryptocurrency trader was able to get a profit of 6,208% in just four days of trading Melania TrumpOfficial meme coin Melania Melania/dollar.
What happened: According to Blockchain tracking firm Lookonchain, the trader bought 5.2 million Melania coins at $0.13 each, immediately after the launch of the digital asset last week, one day before Donald TrumpPresidential inauguration.
Four days after the purchase, the trader sold all of his Melania tokens, making a profit of 6,208% on his initial investment of $688,000. This translated into a whopping $42.7 million profit.
“This guy sold all of the Melania, making a total profit of $42.7 million (62X)! He spent 2,500 SOL ($688,000) to buy 5.2 million Melania at $0.13, and sold them all at an average price of $8.34 for $43.4 million , generating a profit of $42.7 million, a 62x return,” Lookonchain quotes Saying.
Read also: Donald Trump’s Meme Rallies 103% in One Day, Creates Billions in Thin Air
Lookonchain also highlighted another trader who made big gains as an early investor in Melania.
Why does it matter?: The Meme Coin was launched by First Lady Melania Trump a day after President-elect Trump launched his own meme coin.
At the time of writing, Melania is trading for $2.76, down 19.5% in the last 24 hours. Solana (SOL) has a market cap of $413.8 million, making it the 227th largest crypto project.
This event underscores the volatile, high-risk, high-reward nature of the cryptocurrency market, especially with new coin launches.
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Amid Trump, Melania Token Craze, Ethereum’s Vitalik Buterin Warns Against ‘Unlimited Political Bribery’ Via Meme Coins
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