 |
|
 |
|
 |
|
 |
|
 |
|
 |
|
 |
|
 |
|
 |
|
 |
|
 |
|
 |
|
 |
|
 |
|
 |
|
A meme coin whale lost a vast fortune trading $TRUMP tokens, sparking divided community reactions. Due to volatility, meme coins crashed harder
A trader who made a fortune trading TRUMP meme coins last month lost his gains and incurred further losses on the token. In a recent post, crypto analytics firm Lookonchain revealed that the whale made $11.8 million in profit from the token before spending $33.9 million to acquire 766,083 TRUMP tokens. However, due to the downturn in the market, the trader ended up losing $21 million, which included the initial $11.6 million profit and $9 million of his capital.
Last month, the crypto whale had also acquired the meme coin worth $23 million, and as the token surged, he managed to book massive profits. The rise of Official Trump brought several new millionaires in the space. TRUMP token is the fourth-largest meme coin by market capitalization, and its trading volumes have soared high.
“A whale dumped 860,895 $TRUMP for 23.8M $USDC just now. This whale spent 12M $USDC to buy 860,895 $TRUMP at $13.94, then sold it at $27.67, making a profit of $11.8M!” Lookonchain noted.
Official Trump trades at $17.08, down 8% in the last 24 hours and adding to the rising outflows from the asset. The asset has tanked 39% this week after posting double-digit outflows last week. The meme coin’s market cap has also slid to $3.4 billion as the community remains divided over its growth prospects.
Broader Meme Coin Market Nosedives
Meme coin numbers are a far cry from last year’s massive growth after institutional interest spiked in their accumulation. A rally in major crypto assets like Bitcoin, Ethereum, and Solana led to inflows into meme coins as they traded on broader sentiments. DOGE sank 15% last week and 5% today, while SHIB tanked 11% with a 2% daily outflow.
Other assets followed a similar trend, though the bulls are looking at a recovery with the broader market rally. Key focus remains on institutional interest in Bitcoin ETFs and hopes for favorable crypto regulations in the United States.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
