The crypto market has gained widespread fame (and notoriety) for wild price swings — stories of traders turning small sums into fortunes are relatively common, but they have become slightly less frequent as the market matures.
However, opportunities are still present for traders savvy enough to spot them in time — and one trader in particular turned just $96 into $3 million with a well-timed swap.
Memecoin millionaire’s bet pays off
The trader’s gambit started on August 12 — when two Uniswap transactions took place, per data from Lookonchain.
In the first transaction, 0.0219 Ethereum (ETH), worth $40.55 at the time, was exchanged for 376,000 MAGA (TRUMP). Just a couple of minutes later, a second transaction took place, in which $55.03 in ETH — 0.0298, to be exact, was swapped for 232,650 MAGA.
The August 12 purchase of MAGA. Source: Lookonchain
After a two-month period of dormancy, in the early hours of October 18, the trader started exchanging TRUMP for Ethereum — executing three transactions of 2,000 MAGA each. In total, these trades netted our savvy investor 11.424 ETH — which is worth $29,998 at press time.
The October 18 purchases of ETH. Source: Lookonchain
With an initial investment of just $96, and transaction fees equalling $35.18, the total cost of the trade was $131.18 — leaving our trader with 22,767.81% in realized gains.
That’s not all, however — as the wallet still holds 549,564 TRUMP — which is worth approximately $3.06 million at press time. However, as the average daily trading volume of the meme coin is approximately $6.97 million, it’s an open question as to how much of his as-of-yet unrealized gains the trader will be able to secure without causing a significant price drop from selling volume.
Apart from the impressive profit that was made, the trade also stands out on account of being executed with ETH — most of the recent instances where traders turned small sums into millions have predominantly used Solana (SOL)
DJT stock is also seeing meteoric gains
Trump-based meme coins aren’t the only investment tied to the former President that have surged recently. Shares of Trump Media (NASDAQ: DJT) have rallied by 91.42% over the last 30 days — buoyed by increasing sentiments that the Republican candidate’s chances of a second term are increasing as we draw closer to Election Day.
However, investors and traders should keep in mind that instances like this TRUMP trade, and, to a lesser degree, the gains from DJT, are subject to immense volatility — Trump Media stock recently saw a 10% crash on October 15, in an incident where trading was halted, and the stock is down 4.35% on the daily chart.
DJT stock price daily chart. Source: Google Finance
It remains to be seen how much of the $3 million in unrealized gains will be successfully secured — but with 22,767.81% in already realized gains, there’s little doubt that this enterprising trader has walked away satisfied with his trade.
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