Trader made $2.5M profit on Trump meme coin news
An unknown cryptocurrency investor, or so-called 'whale', made over $2.5 million in just a few hours by making a large bet on a meme coin linked to former US President Donald Trump. According to CoinDesk, the trader invested around $7 million in the TRUMPGALA token right after the announcement of a new gala dinner at Trump's Mar-a-Lago residence.
The news about the upcoming event triggered a 60% price surge of TRUMPGALA in just a few hours. Thus, the $7 million investment brought the investor $2.5 million in profit.
It's worth noting that TRUMPGALA is a little-known meme coin associated with Donald Trump. Prior to this event, it was trading at a very low price and was not particularly popular. However, any news related to the former US president invariably attracts the attention of the crypto community and generates hype around assets associated with him.
This is another example of how rumors and expectations around public figures can significantly impact the price of cryptocurrencies. Experienced traders closely monitor such news and try to maximize their profits.