Crypto Trader Suffers $13.35 Million Loss on Official $TRUMP Investment

Despite being perceived as the pro-crypto candidate of the 2024 election, Donald Trump's second presidency has stirred mixed sentiments within the cryptocurrency market.

Crypto traders often face significant gains and losses, with high-stakes gambles sometimes leading to massive setbacks. In a recent development, a crypto trader known for making large-scale investments in Donald Trump’s meme coin, Official TRUMP (TRUMP), has reportedly suffered a triple-digit million dollar loss.

Earlier this year, when TRUMP launched at $7.50, one trader had already invested $12 million in the coin by January 17. As the meme coin surged, the trader’s investment rose to $23.8 million, securing an $11.8 million profit, which was reported by Finbold at the time.

Encouraged by these gains, the trader reportedly decided to invest heavily again, committing $33.9 million to a new position in TRUMP. However, with the price of TRUMP going down, the trader was forced to close the position at $12.85 million.

After investing a total of $33.9 million and closing the position at $12.85 million, the trader faced a staggering $21 million loss, adding to the previous $10 million in net losses.

The trader, who has been identified by Lookonchain, had previously lost $10 million after investing $33.9 million in TRUMP when it launched.

Moreover, the trader had made another costly misstep in March. After exiting his TRUMP position, the trader had acquired 777,684 TRUMP tokens at a price of $14.50 per token, as assessed by Lookonchain. At the time of purchase, this latest position was valued at approximately $11.27 million.

However, by March 28, the trader had liquidated the position, incurring further losses. Data from Solscan indicates that most of the wallet’s TRUMP tokens were sold at an average price of $9.75, while the remainder were sold at $9.14.

This liquidation resulted in a loss of approximately $4.13 million on the 777,684 TRUMP tokens, adding to the trader’s previous losses from earlier investments in the president’s meme coin.

Following the most recent trade, the trader’s cumulative losses on TRUMP have reached approximately $13.35 million.