Here's How a Crypto Whale Lost $13 Million on Trump's Meme Coin

In what was seen as a major move in the cryptocurrency world, Donald Trump's pro-crypto stance took a unique turn with the launch of Official TRUMP (Trump), a meme coin tied to his name.

In a development that has implications for the cryptocurrency domain, former President Donald Trump’s pro-crypto attitude took a unique turn with the launch of Official TRUMP (Trump), a meme coin linked to him.

Having announced his interest in cryptocurrency during his presidency, Trump’s foray into the crypto sphere began in 2024 with the launch of his own digital collectibles. These collectibles, featuring images of Trump and inscriptions like “Trump's Greatest Hits,” were sold on the MetaGPT platform and later transitioned to the Stellar blockchain.

Now, the former president has taken a different route, unveiling a meme coin named after him. This coin, which went on sale for $20 on January 17, quickly gained attention and saw a surge in value.

At the time of its launch, the coin was met with skepticism from members of the cryptocurrency community. However, to everyone’s surprise, the coin’s price kept going up. In the days leading up to his inauguration, the coin reached an all-time high (ATH) of $44.28 per token, and its market cap soared to approximately $14.7 billion.

But the rapid rise was short-lived. By the end of January, the value of Official TRUMP had dropped significantly to $24.05, and it has continued to decline since then.

One trader, who can be classified as a cryptocurrency whale due to the large positions they hold, experienced significant fluctuations in their holdings of the former president’s meme coin.

Initially, the whale experienced a profit of $11.8 million after the coin’s value soared, transforming their initial investment of $12 million into $23.8 million. However, their subsequent decision to invest further backfired. Doubling down, they spent $33.9 million on a new position, but saw its value plummet to $12.85 million—resulting in a loss of $21 million.

This trader’s luck didn’t improve in March. On March 3, they bought 777,684 TRUMP tokens, but by March 28, the value had fallen drastically, leading to further millions in losses. Their latest liquidation saw them offload 743,947 TRUMP at around $14.50 per token, adding another $3.35 million to their total losses.

In total, the whale has now lost approximately $13.35 million on the meme coin since January.