title: One Crypto Trader Is Out $15.6 Million After Betting on Melania Trump's Memecoin

Blockchain tracking firm Lookonchain says one crypto trader is looking at multi-million dollar losses after trading the official memecoin of Melania Trump

A crypto trader is in line for multi-million dollar losses after trading the official memecoin of Melania Trump, wife of US President Donald Trump, blockchain tracking firm Lookonchain noticed today.

DNTpoX…LN2A spent 30 million USDC to buy 13.97 million Melania (MELANIA) a month ago, and sold for 14.32 million USDC yesterday, losing $15.68 million.

DNTpoX…LN2A spent 30 million USDC to buy 13.97 million Melania (MELANIA) a month ago, and sold for 14.32 million USDC yesterday, losing $15.68 million.

Another whale, Gu2bnm…xmni, spent 10 million USDC to buy 6.69 million MELANIA 22 days ago, and sold 6.27 million USDC in the past two days, losing $3.73 million.

Whales sold all their MELANIA / TRUMP token holdings at a loss recently!

Whales sold all their MELANIA / TRUMP token holdings at a loss recently!

DNTpoX…LN2A spent 30 million USDC to buy 13.97 million $MELANIA a month ago, and sold for 14.32 million USDC yesterday, losing $15.68 million.

DNTpoX…LN2A spent 30 million USDC to buy 13.97 million $MELANIA a month ago, and sold for 14.32 million USDC yesterday, losing $15.68 million.

Gu2bnm…xmni spent 10 million USDC to buy 6.69 million $MELANIA 22 days ago, and sold 6.27 million USDC in the past two days, losing $3.73 million.

Another whale sold his TRUMP tokens at a loss today. He bought 645.32 TRUMP for 48.38 BNB at an average price of 74.94. Later sold all TRUMP tokens for 47.4 BNB at an average price of 12.57, and realized a loss of 34.85 BNB (≈$24.43 million).

The price of TRUMP has dropped rapidly since it reached an all-time high of 73.43 in December 2023. It is currently trading at 12.44.

Recently, freshman California Democrat Congress member, Representative Sam Liccardo, proposed legislation to prevent lawmakers from profiting off meme assets. The bill, called the Modern Emoluments and Malfeasance Enforcement (MEME) Act, appears to be an attempt to stop Trump from collecting any more gains from his namesake memecoin, TRUMP, or other meme properties.

Earlier this year, Trump launched his namesake memecoin, which is being sold to raise funds for his 2024 presidential campaign. However, the memecoin has lost billions in value after launching earlier this year, and some analysts have accused Trump of perpetrating a rug pull.

Despite the price drop and reports of investors being defrauded, Liccardo appears to be more interested in targeting freshman members of Congress than in remedying the harms of crypto market abuse.

suggest merging these two articles:

A freshman California Democrat Congress member, Representative Sam Liccardo, is proposing legislation to prevent lawmakers from profiting off meme assets.

The bill, called the Modern Emoluments and Malfeasance Enforcement (MEME) Act, appears to be an attempt to stop Trump from collecting any more gains from his namesake memecoin, TRUMP, or other meme properties.

It is called the Modern Emoluments and Malfeasance Enforcement (MEME) Act and would, according to a press release seen by Blockworks, "prohibit members of Congress from holding or transferring any interest in any meme stock, meme asset, or other property that is the subject of significant attention by the members’ chamber."

The bill is also written to "prevent members of Congress from engaging in any conduct that materially aids, promotes, or assists in the creation or sale of any such meme stock or asset."

It appears to be freshman California Democrat Congress member, Representative Sam Liccardo’s, attempt to stop Trump from collecting any more gains from his namesake memecoin, which launched earlier this year and has since lost billions of dollars in value.

Some analysts have accused Trump of perpetrating a rug pull.

Earlier this year, Trump launched his official memecoin, which is being sold to raise funds for his 2024 presidential campaign.

The crypto was launched on January 6 in collaboration with FTX founder Sam Bankman-Fried, and sold out within 24 hours.

It is being sold to raise funds for Trump’s 2024 presidential campaign.

However, the memecoin has lost billions in value after launching earlier this year, and some analysts have accused Trump of perpetrating a rug pull.

Recently, another freshman Democrat Congress member, Representative Robert Garcia, proposed legislation to ban members of Congress from investing in the stock market.

The bill, which is called the MAGA Members of Congress Stock Act, is an attempt to stop members of Congress from engaging in insider trading.

It is also written to prevent members of Congress from investing in the stock market in any