Lookonchain notes on the social media platform X that the whale spent $5 million worth of Circle's stablecoin, USDC, to buy TRUMP right after President Donald Trump posted “I LOVE $TRUMP” on his social media platform Truth Social.
A whale who previously won big on the Official Trump (TRUMP) memecoin booked a loss on the controversial asset over the weekend, according to the crypto tracker Lookonchain.
On X, the crypto researcher notes that the whale used $5 million of Circle’s stablecoin, USDC, to buy TRUMP shortly after President Donald Trump posted “I LOVE $TRUMP” on his social media platform, Truth Social.
An hour later, the whale sold the TRUMP holding, incurring a loss of $207,000.
However, the loss is a drop in the bucket compared to the gains the whale made earlier this year when it used 1.09 million USDC to buy 5.97 billion TRUMP and sold it for a $108 million profit, according to Lookonchain.
The president launched the Official Trump memecoin in mid-January, days after he took office. The asset has generated controversy in and out of crypto circles, raising questions of corruption in an already heavily questioned administration.
Even Ethereum (ETH) founder Vitalik Buterin said in January that political coins represented “vehicles for unlimited political bribery.”
In a February letter to the U.S. Department of Justice (DOJ) and the Office of Government Ethics, officials at the nonprofit consumer advocacy organization Public Citizen argued TRUMP could be a violation of federal law regulating gifts to government officials.
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