The cryptocurrency market may occasionally witness interesting data due to its high volatility.
According to Onchain data, a cryptocurrency wallet managed to turn $16,400 into $3.07 million in just 11 days.
According to the data, the whale named whalefud.eth, which joined the memecoin trend, bought the MAGA token 11 days ago and the token has risen 187x since then.
MAGA token is actually an abbreviation for Donald Trump's election slogan, “Make America Great Again.” So this memecoin benefited from the fact that Trump has recently become extremely popular in the cryptocurrency world as well.
The whale in question noticed MAGA just 1 hour after the Trump memecoins began to be released and purchased 5.34 billion MAGA for 3 ETH.
The wallet purchased 56.8 million more MAGAs by paying 2 more ETH on May 21, when there was a bottom in the MAGA price.
This whale currently holds $3.07 million worth of MAGA tokens.
However, although this whale was lucky, it is worth noting that almost all investors chasing memecoin in the cryptocurrency market lost money.
Trump-themed cryptocurrencies were on the rise after the former US President signaled that he would approach Bitcoin and the general cryptocurrency market positively if he is re-elected.
*This is not investment advice.