According to the cryptocurrency analysis firm LookOnChain, one trader made over $3 with an investment of only $96. The rise in the trader’s portfolio translates to a growth of about 3,124,900% (3.12 million percent) or a 32,000x return.
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According to LookOnChain’s data, the cryptocurrency trader spent 0.052 ETH, worth $96, on Aug. 12, 2024, to buy 608,650 TRUMP tokens. The platform highlights that the trader has sold 6,000 TRUMP for 11.3 ETH, worth around $30,000. The trader’s wallet still has 594,564 TRUMP tokens worth $3.06 million.
Why Is The TRUMP Cryptocurrency Rallying?
The TRUMP coin’s rally is likely due to the US Presidential elections inching closer. The US election will take place on Nov. 5, 2024, and analysts anticipate a market-wide rally if Donald Trump takes power. According to a report by Standard Chartered, a Trump victory could propel Bitcoin (BTC) to a new all-time high of $125,000.
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Trump recently received a donation of $75 million from Elon Musk, a cryptocurrency advocate. Musk is an avid Dogecoin (DOGE) fan and has proposed a new department called the “Department of Government Efficiency,” which fits the DOGE acronym. Musk’s recent post on X has led to the meme coin’s rally, outperforming other significant projects.
Will We Enter Another Bull Run?
Both Presidential candidates have backing from cryptocurrency advocates. Trump has been very vocal about his support for the crypto industry, going as far as personally supporting the World Liberty Financial crypto project.
On the other hand, Kamala Harris has seen support from Ripple co-founder Chris Larsen. Larsen has donated $1 million worth of XRP to the Future Forward group, a supporter of Harris in the Presidential race.
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Many analysts anticipate a bull run if Trump wins the upcoming elections. Harris has also shown some support for cryptocurrency, but not as strongly as Trump. How the elections impact the market is yet to be seen.