Memecoin Whales Are Chasing Big Profits Amid Crypto Market Downturn, Blockchain Firm Says

Blockchain tracking firm Lookonchain says crypto whales are taking massive memecoin trades amid the market downturn.

Blockchain tracking firm Lookonchain says crypto whales are making massive memecoin trades amid the market downturn.

According to Lookonchain, one unlucky whale is now seeing red after once having made $11.8 million in profit on President Donald Trump’s memecoin, Official Trump (TRUMP).

“This whale who made a $11.8 million profit on TRUMP spent another $33.9 million to buy 766,083 TRUMP at $44.25 and has now lost $21 million. He lost all his profits and over $9 million of his initial capital!”

TRUMP is trading for $17.61 at time of writing, down 5.1% in the last 24 hours.

Next up, Lookonchain reports a crypto whale just scooped up a massive amount of Melania (MELANIA), the official memecoin of Melania Trump, wife of US President Donald Trump, after the altcoin bounced off a low of $1.39.

“A mysterious whale created a new wallet [Tuesday] and withdrew 10 million USDC from Binance to buy 6.69 million MELANIA at $1.50.”

MELANIA is trading for $1.74 at time of writing, up 20.5% in the last 24 hours.

Lastly, Lookonchain spots one crypto whale who failed to realize more than $40 million in profits on his holdings of artificial intelligence (AI)-based altcoins ai16z (AI16Z) and Zerebro (ZEREBRO), and is now sitting on a big loss.

“This whale did not sell ai16z and ZEREBRO at the best time, missing out on a profit of over $40 million! On January 2nd, this whale had an unrealized profit of $40.8 million on ai16z and ZEREBRO, but he did not sell for profit. On Jan 9, he sold out ZEREBRO, losing ~$1 million. [On Thursday], he sold out 21.34 million ai16z ($9.18 million), losing another ~$1 million.”

Zerebro is trading for $0.067 at time of writing, up 4.3% in the last 24 hours.

Meanwhile, ai16Z is trading for $0.41 at time of writing, down nearly 1% in the the day.