A crypto trader has become a multi-millionaire after betting just $96 and achieving a staggering 3,187,400% return on a political meme coin.

According to data from Lookonchain, the trader used 0.052 ETH ($96) to purchase 608,650 MAGA ($TRUMP) on August 12, 2023.

MAGA, which debuted last year, is the first significant political parody meme coin launched ahead of the upcoming US Presidential Election.

During the first quarter of 2024, excitement over SEC-approved Bitcoin investment products and a Bitcoin mining rewards halving drove sharp increases in crypto prices. Currently, $TRUMP is trading at $2.94, down 83% from its all-time high of $17.51 on June 1st.

When the wallet owner acquired 608,650 $TRUMP, it was priced at less than $0.01. So far, they’ve sold 6,000 $TRUMP for realized profits of 11.4 ETH ($30,000), with 594,564 $TRUMP still worth over $1,748,000.

In general, $TRUMP has been surpassing previous resistance levels as the campaigns continue. Throughout this month, the token reached $5.50, its highest price in three and a half months. On September 24th, it recorded its lowest price this year at $1.76.

In the last 24 hours, MAGA has plummeted 27%, while the meme coin sector contracted 3.5% to $62 billion. The token’s rising relative strength index of 38 suggests that MAGA’s decline may slow as the $3 price point attracts more buyers.

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