Pseudonymous Erik Stevens, a self-proclaimed "eccentric multi-millionaire," updated his followers on achieving a "1,024X" on MAGA Memecoin (CRYPTO: TRUMP), the Trump-inspired cryptocurrency. 

What Happened: "After 6 months and 15 days, I've achieved a 1,024X on $TRUMP," announced the trader on his X (formerly Twitter) account. 

He said this announcement holds great significance, as it is his first-ever 1,000X trading success. Stevens stressed that he achieved this feat on a publicly disclosed wallet, all while announcing his trades. 

Indeed, the trader shared his purchase on his account on Aug.16, 2023:

 PUBLIC SERVICE ANNOUNCEMENT 

ERIK @IHunt100xGems JUST APED 1.5 ETH INTO MAGA $TRUMP! pic.twitter.com/WowFQ7q2df

— MAGA Memecoin (@MAGAMemecoin) August 16, 2023

Stevens initial purchase can be found on Etherscan, when he swapped 1.5 Ether (CRYPTO: ETH), worth $2,708 at the time, for 522,409 TRUMP. 

Thanks to minimal profit-taking, Stevens still holds 509,176 TRUMP, worth $3.25 million at the time of writing. That puts him into the top 20 holders of Trump, with 1.08% of the token's total supply.

Stevens did not seem inclined to sell anytime soon, saying MAGA Memecoin is "going to billions and billions" thanks to the token burning $784,000 in the last 40 days amid increasing interest.

Donald Trump himself does not endorse the MAGA Memecoin, although his wallet holds over $3 million worth of TRUMP, which he passively receives as part of the token's marketing strategy.

Read Next: Dogecoin, Shiba Inu, Floki Surge, Pushing Meme Coin Market Cap To $26.5B: 'FOMO Toward Assets Like These Are Caution Flags,' Santiment Warns

Why It Matters: This astounding rags-to-riches story mirrors recent similar trades:

• A trader making $582,000 with Dogwifhat (CRYPTO: WIF)
• A trader profiting $10,800 from $51 with an Nvidia memecoin.
• Another trader striking gold, making $1.8 million with WIF.

Still, these stories come at the backdrop of less inspiring ones, such as this trader losing $250,000 on leverage trades.

That has led some to call crypto assets "grotesquely overvalued," while others call the advent of memecoin trading "financial nihilism."

What's Next: Andred Kang, a crypto venture capitalist, has called the MAGA Memecoin the "first memecoin that can rival Dogecoin (CRYPTO: DOGE) or Shiba Inu (CRYPTO: SHIB).

It remains to be seen if it can reach the lofty market capitalization of Dogecoin. 

Read Next: Is Jim Cramer Getting Bullish On Crypto? Why He Says Ethereum Can 'Only Go Up' From Here

Image created with Midjourney