A crypto whale is reserving tens of millions of {dollars} in losses after an extended place on the Official Trump (TRUMP) turned in opposition to him, onchain information reveals.
In response to blockchain monitoring platform Lookonchain, the whale liquidated his place within the TRUMP memecoin at a lack of $24.4 million.
The blockchain-tracking platform says the whale acquired 763,582 TRUMP tokens a couple of month in the past at a value of $33.9 million however has now bought the stash at roughly $9.48 million. Per Lookonchain, the whale had beforehand turned a revenue on the memecoin earlier than the loss-making commerce.
“This whale had already made $11.8 million on TRUMP earlier than.
After tasting success, he spent one other $33.9 million to purchase TRUMP.
Nonetheless, after his buy, TRUMP saved dropping.
After holding for a month, he capitulated—dropping not solely all his earnings but additionally $12.6 million of his preliminary capital.”
TRUMP is buying and selling at $13.06 at time of writing, down by round 82% from the all-time excessive value it reached final month.
The TRUMP memecoin, which is billed as President Donald Trump’s solely official meme asset, was launched three days earlier than the January twentieth inauguration. On the eve of the inauguration, the memecoin which is constructed within the Solana (SOL) ecosystem reached an all-time excessive value of round $73.45.
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