Earlier today, the Cyclops Concept Meme $DMAGA experienced a sharp decline, plunging 41.89% to $0.4211. This dramatic drop was triggered by a significant sell-off by an early investor.
The investor, identified by the address GXZvX…ZG2Ra, sold $136,000 worth of $DMAGA in one transaction. This address had an impressive cumulative return of 7688%. Six days ago, before Elon Musk changed his avatar to Cyclops, the investor had purchased 14.69 million tokens for 48.5 SOL at an average price of $0.0004826.
They have since sold 66% of their holdings, realizing a profit of $210,000, while the remaining 5 million tokens still hold a floating profit of $340,000.
一小时前，一根针将镭射眼概念 Meme $DMAGA 打回 $0.4211，使其短时下跌 41.89%🤯
暴跌原因是早期建仓地址 GXZvX…ZG2Ra 一次性出售了 13.6 万美金的 DMAGA，他的累计收益率高达 7688%！
早在六天前马斯克还没有换上镭射眼头像时，该地址就花费 48.5 SOL 买入了 1469 万枚代币，均价… pic.twitter.com/CbixJXEnce
— Ai 姨 (@ai_9684xtpa) July 22, 2024
In the past 12 hours, $DMAGA has seen a 100x increase, creating new millionaires. One trader turned $1,000 into $1.2 million. Eight days ago, this trader bought $DMAGA with 3 SOL when the market cap was $40,000 and another 4.25 SOL at a $90,000 market cap, totaling 7.25 SOL (around $1,000).
The price of $DMAGA exploded yesterday after Elon Musk changed his profile picture. The trader sold two-thirds of their position at an average market cap of $63 million, making $665,000, and is still holding one-third valued at $535,000.
$DMAGA did a 100x in the past 12h. Memecoin just made a new millionaire.
This trader turn 1k into 1.2M USD.
He bough 3 SOL worth of $DMAGA 8 days ago at 40K Market Cap and another 4.25 SOL at 90k Market Cap for a total of 7.25 SOL (around 1k usd)$DMAGA price explode… pic.twitter.com/TJhUQBJopA
— Solsniffer (@solanasniffer) July 22, 2024
Additional Traders With Significant Gains From $DMAGA Investment
Influencer @TheMisterFrog also saw substantial gains. He bought 2.25 million $DMAGA yesterday for 10 SOL at a $780,000 market cap. He sold his holdings in four batches for a total of 126.37 SOL (around $22,500) at an average market cap of $10 million.
At its all-time high, $DMAGA touched a market cap of $90 million. Those 2.25 million $DMAGA tokens are now worth around $200,000.
The influencer @TheMisterFrog bought 2.25M of $DMAGA yesterday for 10 SOL at 780K Market Cap.
He sold everything in 4 batch for a total of 126.37 SOL (around 22.5k USD) at an average Market Cap of 10M.$DMAGA touched 90MC at his ATH.
Those 2.25M $DMAGA are worth around 200k… pic.twitter.com/eEoee1wwfF
— Solsniffer (@solanasniffer) July 22, 2024
The rapid rise and subsequent crash of $DMAGA highlight the volatile nature of meme coins and the significant impact of high-profile endorsements and early investors’ actions on their prices.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: aoo3771/123RF // Image Effects by Colorcinch