A cryptocurrency trader has managed to score an 85.000% gain trading a little-known cryptocurrency using two wallets. Effectively turning $6.500 into $5.6 million while doing so, significantly outperforming the wider cryptocurrency market.
According to data from on-chain analytics firm Lookonchain, the cryptocurrency trader with the Ethereum Name Service domain “waxl.eth,” has managed to score their 870x gain after spending $6,500 to buy 2.08 million worth of $TRUMP tokens using two wallets.
The trader sold 1.24 million TRUMP tokens for $902,000, having around 832,000 tokens left after their sale, with these being wroth around $4.7 million. The trader, according to Lookonchain, also made more than $1.23 million on $BASEDAI.
The blockchain analysis service noted that the trader spent $4,000 to buy 249,000 $BASEDAI tokens, and sold 19,500 of those for $137,000 after its price exploded while still keeping 238,000 worth over $1.1 million in their wallet.
The trader"waxl.eth" turned $6.5K to $5.6M with $TRUMP, a gain of 870x!He spent $6.5K to buy 2.08M $TRUMP via 2 wallets and sold 1.24M $TRUMP for $902K, with 832K $TRUMP($4.7M) left.And waxl.eth also made more than $1.23M on #basedAI.He spent $4K to buy 249K #basedAI and… pic.twitter.com/V2nAQPa7ve
— Lookonchain (@lookonchain) May 9, 2024
As CryptoGlobe reported, recent trading activity suggests that memecoin traders are currently betting on cryptocurrencies referring Presidential candidate Donald Trump, with significant whale transactions pointing to that shift over tokens referring to current US President Joe Biden.
The change came after Trump endorsed the cryptocurrency space. Which some see as push for cryptocurrency businesses to relocated to the United States, after he emphasized the need for a regulatory environment encouraging the growth ad stabilization of the cryptocurrency market.
According to on-chain analysis service Lookonchain, a notable transaction involved the sale of 49,253 “Jeo Boden” ($BODEN) tokens and the purchase of 50,797 “Doland Tremp” ($TREMP) tokens.
This activity might indicate that crypto traders, or ‘whales,’ are speculating on a rising favorability towards Trump-related digital assets compared to those associated with Biden.
These trades also come after Trump recently suggested President biden “doesn’t even know” what cryptocurrency is, and suggested that cryptocurrency advocates should vote for him instead, implying further support for the space.
Featured image via Pixabay.
