In what was seen as a major move in the cryptocurrency world, Donald Trump’s pro-crypto stance took a unique turn with the launch of Official TRUMP (Trump), a meme coin tied to his name.
Released on January 17, just ahead of his inauguration, the coin initially surged in value, reaching an all-time high (ATH) of $44.28 per token by January 21, with its market cap hitting approximately $14.7 billion.
However, the excitement was short-lived. By the end of the month, the value of Official TRUMP had dropped to $24.05, and it has continued to decline since. As of March 28, it was trading at around $10.18.
One notable story from this chaotic start was a cryptocurrency whale who saw significant fluctuations in their holdings. Initially, the whale made a profit of $11.8 million after the coin’s value soared, turning a $12 million investment into $23.8 million. But the whale’s decision to invest further backfired. Doubling down, they spent $33.9 million on a new position, only to see its value plummet to $12.85 million—resulting in a $21 million loss.
This trader’s luck didn’t improve in March. On March 3, they bought 777,684 TRUMP tokens, but by March 28, the value had fallen drastically, leading to millions in further losses. Their latest liquidation saw them offload 743,947 TRUMP at around $14.50 per token, losing another $3.35 million. In total, the whale has now lost approximately $13.35 million on the meme coin since January.
The rise and fall of Official TRUMP highlights the volatility and risks of investing in meme coins, even when tied to a high-profile figure like the former president.
Editorial Team
Reporter at Coindoo
Source: https://coindoo.com/heres-how-a-crypto-whale-lost-13-million-on-trumps-meme-coin/