The cryptocurrency market started surging after former U.S. President Donald Trump suffered an assassination attempt that spurred speculation the pro-crypto presidential candidate could be reelected later this year, and some insiders managed to turn $5,000 into over $7 million with that surge.
Trump was shot in the ear at a rally in Pennsylvania in a failed assassination attempt that sparked global condemnation of political violence. The former President’s defiant reaction to the assassination attempt, which saw him stand up as secret service agents tried to protect him to yell “fight” into the crowd is believed to have galvanized support for his campaign.
The failed assassination attempt saw Trump’s chances of being reelected, according to prediction markets, briefly surge above the 70% mark before a slight drawdown saw them drop to 65%. Crypto prices likely rose as Trump has increasingly embraced the industry during his campaign, vowing to support it last month via his social media platform Truth Social.
Amid the chaos, 24 cryptocurrency wallets – associated with insiders or developers – managed to buy 378.45 million tokens of the recently launched $FIGHT token to capture around 37.8% of the cryptocurrency’s supply for just 1.5 ETH, worth around $4,800.
These 24 wallets acquired the funds before the token opened for trading, and proceeded to dump 261.6 million tokens on the market for over $14 million, leaving them with 116.8 million $FIGHT worth over $7 million and representing 11.68% of the cryptocurrency’s supply.
As CryptoGlobe has been reporting, astute traders and insiders have managed to capitalize on the meteoric rise of memecoins, realizing astronomical gains in the process, with data showing, for example, one trader purchased a substantial amount of Dogwifhat (WIF) in December 2023 and has since seen a staggering 118,967% return on their investment.
Another trader has also found success with MAGA (TRUMP), another memecoin inspired by former U.S. President Donald Trump, who is currently campaigning for the presidency once more, while another made millions worth Jeo Boden (BODEN).
These tokens are, however, heavily influenced by the community behind them and are inherently volatile, with double-digit rises and drops being common for memecoins.
It is crucial to remember that such astronomical returns are not the norm and that investing in memecoins carries a high level of risk. As with any investment, it is essential to conduct thorough research, exercise caution, and never invest more than one can afford to lose.
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