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A cryptocurrency turned a substantial profit betting on meme coins inspired by former President Donald Trump, following a fervent speech by tech mogul Elon Musk in support of the Republican presidential candidate.

What Happened: According to on-chain tracking firm Spot On Chain, the trader bagged 18,364 Maga Coin (TRUMP), worth $60,000, and as many as 2.449 billion Maga Hat (MAGA), amounting to $300,000, as soon as Musk began his live speech at the rally in Butler, Pennsylvania, on Saturday

As of this writing, the value of their TRUMP stockpile has soared to $408,262, while their portfolio in MAGA has swelled to $76,210, resulting in a total gain of over $124,472, or 34.57%.

This trader is up $113K (+31.5%) in just 17 hours by betting on #memecoins $TRUMP and $MAGA after @elonmusk's pro-Trump speech.

As soon as Elon Musk's live speech began yesterday, he spent 360K $USDC to snag 2.449B $MAGA ($300K) and 18,364 $TRUMP ($60K).

Now, these holdings are… pic.twitter.com/t23m12dgb2 — Spot On Chain (@spotonchain) October 7, 2024

See Also: US Labor Market Posts Strong Data—What It Means For Bitcoin

The aforementioned meme coins belong to the hot new breed of PolitiFi cryptocurrency tokens, having grown in prominence due to the election year.

As the names imply, these tokens incorporate political themes and campaigns into the cryptocurrency space.

Why It Matters: Musk made a passionate appeal to people present at the rally to vote for Trump to “save democracy.” He warned that if the Republican candidate does not emerge victorious, it could potentially be the "last election."

Musk's recent political involvement has been a topic of discussion. The tech czar has been using his social media platform, X, to amplify conservative viewpoints espoused by Trump and has become a prominent advocate for the former President.

It’s worth mentioning that Musk voted for Biden during the 2020 elections but regretted his decision on several public platforms later. Over the years, he has gravitated toward the Republican Party and unequivocally endorsed Trump’s candidacy after a failed assassination bid.

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Photos courtesy: Shutterstock

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