Crypto Insiders Turn $5,000 Investment Into Over $7 Million With Donald Trump-Inspired Memecoin

The cryptocurrency market began to surge after former US President Donald Trump was the victim of an assassination attempt that sparked speculation that the pro-crypto presidential candidate could be re-elected later this year, and some insiders managed to turn $5,000 into over $7 million thanks to the surge.

Trump was shot in the ear at a rally in Pennsylvania in a failed assassination attempt that sparked global condemnation of political violence. The former president’s defiant response to the assassination attempt, which saw him stand up as Secret Service agents tried to shield him to shout “Fight” at the crowd, appears to have galvanized support for his campaign.

The failed assassination attempt saw Trump’s re-election chances, according to prediction markets, briefly surpass the 70% mark before a slight dip saw them fall to 65%. Cryptocurrency prices likely rose as Trump increasingly embraced the industry during his campaign, pledging to support it last month via his social media platform Truth Social.

Amidst the chaos, 24 cryptocurrency wallets – associated with insiders or developers – managed to purchase 378.45 million tokens of the recently launched $FIGHT token to capture approximately 37.8% of the cryptocurrency’s supply for just 1.5 ETH, worth around $4,800.

These 24 wallets acquired the funds before the token opened for trading and proceeded to sell 261.6 million tokens on the market for over $14 million, leaving them with 116.8 million $FIGHT worth over $7 million and representing 11.68% of the cryptocurrency’s supply.

As CryptoGlobe reported, savvy traders and insiders have managed to capitalize on memecoins’ meteoric rise, making astronomical gains in the process, with data showing, for example, that one trader purchased a substantial amount of Dogwifhat (WIF) in December 2023 and has since seen a staggering 118,967% return on his investment.

Another trader also found success with MAGA (TRUMP), another memecoin inspired by former US President Donald Trump, who is currently campaigning for the presidency once again, while another made millions with Jeo Boden (BODEN).

These tokens are, however, heavily influenced by the community that supports them and are inherently volatile, with double-digit rises and falls being common for memecoins.

It is essential to keep in mind that such astronomical returns are not the norm and that investing in memecoins carries a high level of risk. As with any investment, it is essential to conduct thorough research, exercise caution, and never invest more than you can afford to lose.

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