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Cryptocurrency ‘Fight’ Turns $5,000 Into $7 Million
A flurry of meme cryptocurrencies has exploded following the assassination attempt on former US President Donald Trump. His image of “Fight” after being shot has become iconic, so much so that it has become widely used among his supporters. After the attack, a new meme currency called “Fight” was launched based on Trump’s iconic image.
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Not only Fight, dozens of Trump-based cryptocurrencies hit the market with a variety of options to choose from. While some of them made stellar profits, others declined, leading to massive losses. No one could guess which direction the tokens might move, as they had no underlying fundamentals.
Fighting Back: Investor Makes $7M With $5K Investment In Donald Trump-Themed Cryptocurrency
Several insiders have capitalized on the buzz surrounding the assassination attempt by launching new cryptocurrencies depicting Trump’s rise and response. One such token, Fight, earned cryptocurrency insiders $7 million on a $5,000 investment.
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Leading company in on-chain metrics Look on the chain reported that 24 wallets purchased Fight tokens worth $4,864. Furthermore, they managed to accumulate 378.45 million Fight tokens for the amount and saw their assets soar to new heights. All 24 wallets dumped nearly 261.6 million Fight tokens, resulting in a profit of $7.36 million. The money was earned using Donald Trump’s iconic “Fight” image, which was turned into a cryptocurrency.
“24 wallets (insiders or devs) spent 1.5 $ETH ($4,864) to purchase 378.45 million $FIGHT (37.8% of the total supply) before $FIGHT opened for trading. These 24 wallets sold 261.6 million $FIGHT, leaving 116.8 million $FIGHT ($7.36 million) currently, 11.68% of the total supply,” read the tweet.
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Furthermore, the identity of the 24 wallets remains a mystery. It is not known whether they are cryptocurrency insiders or Fight token developers. There is little chance that they could be retail investors, given that the pump and dump was faster than expected.