President Elect Donald Trump dropped a banger late Friday night with the launch of his official memecoin just days ahead of his oath-taking ceremony. While the announcement was viewed by skepticism by many, a few early birds capitalized on the opportunity and made a fortune out of Official Trump memecoin, which has now seen an astonishing 10,000% gain.
For instance, one trader managed to turn $1.09 million into $90 million betting on the memecoin. According to the LookOnChain report, the trader swapped $1.09 million USDC for 5.7 million TRUMP tokens within two minutes of Trump’s announcement on X.
LookOnChain revealed that the trader paid an $85,000 tip to Jito, a Solana-based infrastructure provider, to fast-track the processing of his transaction. Those went ahead to “ff.sol” before being transferred across multiple wallets.
The trader sold some of the TRUMP tokens to various wallets for $3.65 million USDC, bought some back, and resold them for extra profits. The trader is still holding 4.62 million TRUMP tokens valued at $87 million. This places his combined holdings and proceeds for the trader above $90 million, according to LookOnChain.
The TRUMP token exploded upon launch, notching a $4 billion market cap within hours. According to CoinGecko, it is currently ranked in the top 40 cryptocurrencies. It surged 9,621%, trading at $19.01 from an initial price of $0.1835. The total supply of TRUMP tokens is capped at 200 million, with a fully diluted valuation of $21 billion.
Trump described the token as a celebration of “everything we stand for” and gave its contract address. The launch of the token had immense interest; early investors were richly rewarded. As an example, wallet “GQSc2C” bought TRUMP for $0.1835 and is currently holding tokens worth $104 million, according to DEXScreener.
Another investor, 0xSun, purchased 999,895 TRUMP tokens for 3,000 SOL at an average price of $0.6. So far, the investor has sold 899,895 tokens for the sum of $3.1 million, while 100,000 TRUMP tokens valued at $1.68 million remain in his hands.
Yet, for all its success, analysts warn of the dangers of speculative assets. However, Both Meteora and Jupiter exchanges verified the token’s legitimacy after concerns about authenticity.
Also Read: $TRUMP Memecoin Becomes Internet Top Trendsetter Within Hours
