By
Bhushan Akolkar
June 13th, 2024
As per the data provided by Nansen, the top 10 buyers of the TRUMP meme coin in the past 24 hours have a low ROI and win ratio.
Meme coins associated with former United States President Donald Trump have witnessed remarkable growth in trading volumes and market capitalizations since the 2024 presidential candidate declared support for cryptocurrencies and the digital asset sector.
The TRUMP meme coin, which is not associated in any direct way with the billionaire entrepreneur, has printed significant gains for its holders in the past 24 hours, with a 77.16% surge. Notably, the trading volume of the digital asset has also skyrocketed by 217.79% in the same period.
Another meme coin, MAGA, has also shown remarkable gains, with an 11% increase in the past 24 hours and a 95.6% surge in the last week. The trading volume of this memecoin also rose, with around $111,570 being traded in the last 24 hours on OrangeX.
As put forth in a post by “Bonk Guy” on social media platform X (previously known as Twitter), the market capitalization of MAGA (TRUMP) went sevenfold in the past four days. The trader put six figures in the meme coin through a number of wallets when its market cap was $4 million and is now in huge profit.
The trader confirmed that he is not shilling the meme coin to his followers and is in actual profit. Further, he still holds most of the tokens and believes that MAGA (TRUMP) would be “one of the major winners from the political memes narrative”.
TRUMP Sellers and Donald Trump’s Announcement
As per the data provided by Nansen, the top 10 buyers of the TRUMP meme coin in the past 24 hours have a low ROI and win ratio. These addresses have bought the token in the past but have yet to make significant gains on their investments.
However, the top sellers are in significant gain, with some addresses “raking profits at peaks, with over 1,600% in unrealized gains,” claimed Nansen. The sellers are long-term holders who are now gradually offloading their tokens and have yet to sell their entire bag.
Nansen noted that the sellers offloaded their bags before presidential candidate Trump’s announcement that he would accept crypto donations for his campaign, while adding:
“As the price of TRUMP has risen over 60% in the past month (at the time of writing), these addresses are gradually taking profits to reduce their exposure. Many of these addresses are up over 1,000% in unrealized gains, often more.”
Interestingly, Trump became the first major-party candidate to accept donations in the form of digital assets for his 2024 campaign. The billionaire has stated that he will work towards the creation of a “crypto army” to push back against the “anti-crypto army” sponsored by Senator Elizabeth Warren.
The MAGA (TRUMP) cryptocurrency was created in response to a hat worn by the presidential candidate, which represents the popular notion of “make America great again”. Trump is expected to wear the hat more often during his campaign.