Blockchain tracking firm Lookonchain says one crypto trader is looking at multi-million dollar profits after trading the official memecoin of Melania Trump, wife of US President Donald Trump.<\/p>\n
According to Lookonchain, the trader scooped<\/a> up 5.2 million Melania (MELANIA<\/a>) at just $0.13 per coin right after the digital asset\u2019s launch on Sunday \u2013 the day before Trump\u2019s presidential inauguration.<\/p>\n Four days later, the trader had sold off every MELANIA token for a gain of 6,208% on the initial investment of $688,000, racking in a $42.7 million profit.<\/p>\n \u201cThis guy has sold all MELANIA, making a total profit of $42.7 million (62x)! He spent 2,500 SOL ($688,000) to buy 5.2 million MELANIA at $0.13, and sold all of them at an average price of $8.34 for $43.4 million, making a profit of $42.7 million, a 62x return!\u201d<\/em><\/p>\n Lookonchain also noticed<\/a> another trader saw massive gains after being an early investor in MELANIA.<\/p>\n \u201cThis guy made an incredible $66 million+ on MELANIA in just for hours! [On Sunday], this guy spent 2,500 SOL ($688,000) to buy 5.02M MELANIA, then sold 203,000 MELANIA for 2.14 million USDC, leaving 5 million MELANIA, worth $64.9 million!\u201d <\/em><\/p>\n First Lady Melania Trump launched<\/a> her own memecoin a day after then President-elect Trump had launched<\/a> his.<\/p>\n MELANIA is trading for $2.76 at time of writing, down 19.5% in the last 24 hours. The Solana (SOL<\/a>)-based memecoin has a market cap of $413.8 million, making it the 227th largest crypto project.<\/p>\n Meanwhile, Official Trump (TRUMP<\/a>) is trading for $33.19 at time of writing, down 13.6% on the day. With a market cap of $6.6 billion, the SOL-based memecoin is the 30th largest crypto project.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>   Generated Image: Midjourney<\/em><\/span><\/p>\n<\/p><\/div>\n
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