A recent surge in the TRUMP token has allowed a significant whale to make substantial profits, according to on-chain data.

This event occurred following a failed attack on former US President Donald Trump, which triggered a broader rally in meme coins.

On-chain analysis from Lookonchain reveals that a large holder, suspected to be GCR (@GiganticRebirth), transferred over a million MAGA tokens valued at about $8.85 million to the BTSE exchange, realizing profits around $8.3 million. This wallet initially bought the tokens for approximately 540,700 USDT at an average price of $0.50 late last year.

A wallet suspected to be #GCR(@GiganticRebirth) deposited all 1.08M $TRUMP($8.85M) into #BTSEExchange 7 hours ago, making a profit of ~$8.3M.

This wallet spent 540,700 $USDT to buy 1.08M $TRUMP at an average price of $0.5 from Nov 22 to Dec 4, 2023.

Address:… pic.twitter.com/95ZoPsl9ca

— Lookonchain (@lookonchain) July 15, 2024

Another related wallet holds a substantial amount of TRUMP tokens, still unsold and sitting on significant unrealized gains. 

The boost in Trump’s re-election prospects following the attack has positively impacted the crypto market, particularly Bitcoin and related assets.

During the weekend, the price of the MAGA token spiked by 60%, reaching over $10 before correcting by 25% due to profit-taking. 

TRUMP MAGA Price Chart | Source: Coinstats

Despite this, the token remains up 42% for the week, with a market cap of $334 million. Trump is expected to speak at the Bitcoin 2024 Conference later this month, maintaining his pro-crypto stance.

Alongside the MAGA coin, other meme coins experienced notable gains over the weekend, with the top ten seeing increases between 4-10%. 

Political events continue to create buying opportunities in the crypto space, with market watchers anticipating significant impacts from upcoming events like Trump’s speech at the Bitcoin 2024 Conference.