A savvy dealer made $2.7 million in earnings in simply three days on the Donald Trump-themed meme token MAGA (TRUMP).
A memcoin dealer referred to as the “0x303” pockets spent greater than $535,000 to purchase six billion MAGA tokens on Could 25, making a return of greater than 505x his preliminary funding, based on a Could 27 announcement from Lookonchain:
“He spent $537.5K to purchase $6B MAGA on Could twenty fourth and twenty fifth after which offered $1.5B for $744K to take a revenue 10 minutes in the past. He at present owns $4.5 billion MAGA price $2.51 million.”
The savvy dealer’s pockets consists solely of MAGA tokens, which have risen by greater than 82% within the final 24 hours. The pockets is at present price greater than $2.2 million, and just some hours in the past at round 7:00 UTC, it was price greater than $4 million, based on CoinStats.
The MAGA token has skilled vital development following Republican presidential candidate Donald Trump’s feedback associated to the digital asset.
On Could 9, MAGA surged greater than 78% on the day, with buying and selling quantity rising by greater than 62% to $281 million, following Trump’s feedback on his crypto stance.
“I am fantastic. I wish to ensure it is good and durable and all the things else. However I am fantastic with it. And for those who like crypto in any type (and it is available in many kinds), for those who’re pro-crypto, you’d higher vote for Trump.”
On the subject: Dealer Turns $2.2K SOL Into $2.26M In 8 Hours With New Memecoin
MAGA memecoin pump: insider buying and selling or MEV bot exercise?
A savvy dealer’s $2.7 million revenue sparked widespread allegations of insider buying and selling on X, with Datawallet commenting on Lookonchain’s publish:
“No person spends $500K on memecoins with out some ‘further’ information.”
Final week, Lookonchain famous that “an insider is promoting” the MAGA memcoin. This insider beforehand spent 5.35 Ether (ETH) to buy 33% of the MAGA provide utilizing 22 completely different wallets.
Nevertheless, the transactions could also be the results of Most Extractable Worth (MEV) bot exercise — exploiting arbitrage alternatives to generate vital MAGA revenue margins — slightly than “insider” buying and selling, based on the pseudonymous consumer X Dominium.
“These are MEV bot transactions for those who look intently at it”
Many different customers have questioned the accuracy of Lookonchain’s claims, suggesting that the alleged insider is solely an MEV bot.
Whether or not the MAGA pump was pushed by insiders or not, memecoins nonetheless carry vital danger and worth volatility. An unlucky memecoin dealer misplaced over $1 million after the Normie memecoin exploit resulted in a lack of over 99% of his preliminary funding of $1.16 million.
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