Recently, a cryptocurrency whale profited $8 million from the surge in the MAGA (Trump) meme coin.
Previously, there were rumors in the cryptocurrency market of an attempt to assassinate former U.S. President Trump yesterday.
Impact of Trump Assassination Attempt on Cryptocurrency Market
On-chain tracking platform LookOnChain recently reported that a wallet suspected to be of the famous cryptocurrency trader Gigatic-Kasak-Reverse (GCR) deposited 1.08 million Maga (TRUMP) meme coins on the BTSE exchange. The tokens are worth approximately $8.85 million, marking a significant profit for the trader.
The wallet used 540,700 USDT to acquire Trump between November 22 and December 4, 2023, at an average price of $0.50 per coin. This strategic investment allowed the trader to capitalize on the surge in the token’s market price, resulting in a profit of approximately $8.3 million.
However, the current price of Trump has stabilized at $7.68, with a decrease of 9.81% in the past 24 hours according to BeInCrypto data.
Market Response and Bitcoin’s Surge
Following the news of the assassination attempt on Trump, the cryptocurrency market experienced volatility. Bitcoin (BTC) saw a significant surge, rising from $59,000 to over $60,000. Santiment, a blockchain intelligence platform, attributed this market response to Trump’s recent positive remarks about the cryptocurrency industry.
“Due to Trump’s recent pro-crypto comments, the cryptocurrency community has generally reacted optimistically to pro-Trump news. Surviving an assassination attempt is considered pro-Trump news and therefore reacts strongly,” Santiment explained.
The positive sentiment in the cryptocurrency community was further reinforced by Trump’s swift recovery and attendance at the 2024 Bitcoin conference, as confirmed by Bitcoin Magazine CEO David Bailey.
Trump’s Electoral Prospects and Controversial Cryptocurrency Stance
Trump’s recovery after the assassination attempt has boosted his electoral prospects, with his chances of winning the upcoming November presidential election increasing from 60% to 71% in just two days, according to PolyMarket data.
However, Trump’s shifting stance on cryptocurrencies remains controversial. Despite his previous public criticism of Bitcoin and digital currencies during his presidency, his recent favorable comments have raised questions about his sincerity and potential policy changes once in office.
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