A flurry of meme cryptocurrencies mushroomed after the assassination attempt on former U.S. President Donald Trump. His picture of ‘Fight’ after being shot at turned iconic leading to it being used widely among his supporters. A new meme currency named ‘Fight’ was launched after the attack and was based on Trump’s iconic image.
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Not just Fight, dozens of Trump-based cryptocurrencies made it to the market with a variety of options to choose from. While some of them made stellar profits, the others dwindled leading to massive losses. Nobody could guess in which direction the tokens could move as they had no underlying fundamentals.
Fight: Investor Makes $7 Million With $5,000 Investment in Donald Trump-Themed Cryptocurrency
Several insiders benefitted from the buzz of the assassination attempt by launching new cryptocurrencies depicting Trump’s rise and response. One such token Fight made cryptocurrency insiders earn $7 million with an investment of $5,000.
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Leading on-chain metrics firm Lookonchain reported that 24 wallets purchased $4,864 worth of Fight tokens. Moreover, they got to accumulate 378.45 million Fight tokens for the amount and saw their holding rise to new heights. All 24 wallets dumped nearly 261.6 million Fight tokens resulting in a profit of $7.36 million. The money was made using Donald Trump’s iconic ‘Fight’ image that was made into a cryptocurrency.
“24 wallets (insider or dev) spent 1.5 $ETH($4,864) to buy 378.45M $FIGHT(37.8% of the total supply) before $FIGHT opened trading. These 24 wallets have sold 261.6M $FIGHT, leaving 116.8M $FIGHT($7.36M) currently, 11.68% of the total supply,” read the tweet.
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Also, the identity of the 24 wallets remains to be a mystery. It is not known if they are cryptocurrency insiders or the developers of the Fight token. There are slim chances that they could be retail investors as the pump and dump was quicker than expected.