A crypto whale is booking millions of dollars in losses after a long position on the Official Trump (TRUMP) turned against him, onchain data reveals.
According to blockchain tracking platform Lookonchain, the whale liquidated his position in the TRUMP memecoin at a loss of $24.4 million.
The blockchain-tracking platform says the whale acquired 763,582 TRUMP tokens about a month ago at a price of $33.9 million but has now sold the stash at approximately $9.48 million. Per Lookonchain, the whale had previously turned a profit on the memecoin before the loss-making trade.
“This whale had already made $11.8 million on TRUMP before.
After tasting success, he spent another $33.9 million to buy TRUMP.
However, after his purchase, TRUMP kept dropping.
After holding for a month, he capitulated—losing not only all his profits but also $12.6 million of his initial capital.”
TRUMP is trading at $13.06 at time of writing, down by around 82% from the all-time high price it reached last month.
The TRUMP memecoin, which is billed as President Donald Trump’s only official meme asset, was launched three days before the January 20th inauguration. On the eve of the inauguration, the memecoin which is built in the Solana (SOL) ecosystem reached an all-time high price of around $73.45.
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