Crypto Trader Turns $6,500 into $5.6 Million with Astounding 85,000% Gain

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As a seasoned analyst with extensive experience in the cryptocurrency market, I find this case intriguing. The reported gains of the trader “waxl.eth” are nothing short of remarkable, achieving an 870x multiplier on their initial investment in TRUMP tokens. This is a significant outperformance compared to the broader cryptocurrency market.

A skilled cryptocurrency trader has achieved a staggering return of 85,000% on an obscure digital currency, translating an initial investment of $6,500 into a massive fortune worth $56 million. This remarkable achievement surpasses the impressive gains made by the broader cryptocurrency market.

Based on information from the cryptanalysis firm Lookonchain, the Ethereum Name Service account holder identified as “waxl.eth” has achieved a staggering 870x profit. This was realized after investing $6,500 to acquire approximately 2.08 million dollars’ worth of $TRUMP tokens using two separate wallets.

A trader disposed of 1.24 million TRUMP tokens, fetching approximately $902,000 in return. After the sale, they retained about 832,000 tokens, valued at around $4.7 million. Additionally, according to Lookonchain, this trader generated earnings surpassing $1.23 million from transactions with $BASEDAI.

The blockchain analysis revealed that the trader spent approximately $4,000 to acquire around 249 thousand $BASEDAI tokens. Later, they sold a portion of these tokens, specifically 19,500 for roughly $137,000, following a significant price surge. The trader still held onto the remaining 238,000 tokens, which were valued above one million dollars.

Waxl.eth, the trader, managed to transform an initial investment of $6,500 into a staggering $5.6 million using $TRUMP, representing a mind-blowing gain of over 870 times their original investment!— Lookonchain (@lookonchain) May 9, 2024

According to a report by CryptoGlobe, it appears that investors in meme coins are presently wagering on cryptocurrencies connected to former President Donald Trump, based on recent trading patterns. Notable large-scale transactions indicate this trend has been developing at the expense of tokens associated with current US President Joe Biden.

After Trump voiced his support for the cryptocurrency industry, some believe this could lead to an influx of related businesses moving to the US. His emphasis on creating a favorable regulatory climate is seen as an enticing prospect for the development and stability of the cryptocurrency market.

Based on data from cryptocurrency analysis platform Lookonchain, there was a significant transaction where an individual sold 49,253 “Jeo Boden” ($BODEN) tokens and bought 50,797 “Doland Tremp” ($TREMP) tokens instead.

It’s possible that the trading behavior of crypto investors, often referred to as “whales,” could signal growing interest in Trump-linked digital assets over those connected to Biden.

As a crypto investor, I’ve noticed an increase in trading activity following recent comments from former President Trump regarding President Biden’s supposed lack of understanding about cryptocurrencies. Trump also encouraged supporters of the digital currency industry to consider voting for him instead, indicating potential future support for this sector. Consequently, these market movements could be a reflection of investors’ optimism surrounding the industry and anticipation of further positive developments under a pro-crypto administration.

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2024-05-11 07:17