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This Trader Turned $2,708 Into $3.25 Million With Trump-Related MAGA Memecoin

Ivan Crnogatić
February 28, 2024

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:

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 NextAndred 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 NextIs Jim Cramer Getting Bullish On Crypto? Why He Says Ethereum Can 'Only Go Up' From Here

Image created with Midjourney

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