A crypto whale who lost $168.6K on Official Trump (TRUMP) is back deploying millions, but this time avoiding the presidential meme coin entirely.
The trader, whose address begins with 2WfeaM, previously made $368.5K on Fartcoin (FARTCOIN) but lost $168.6K on TRUMP, per data from Lookonchain. On June 10, approximately 8 AM Coordinated Universal Time (UTC), he spent 2M USDC to buy Fartcoin again, but didn’t buy any TRUMP this time.
The trader’s wallet shows consistent $2M position sizes across multiple meme coin swaps over the past 20 days, including transactions with Fartcoin, Official Trump, and Wrapped Sol (WSOL).
TRUMP becomes worst performer amid Musk feud
The whale’s caution appears well-timed as the presidential meme coin has faced significant turbulence recently. In fact, Official Trump became the worst-performing cryptocurrency among the top 100 by market capitalization as a public feud between President Donald Trump and Elon Musk spilled over into crypto markets.
At the peak of the Twitter storm on June 6, TRUMP’s market cap plummeted from $2.168 billion to $1.935 billion over 24 hours, erasing $233 million in value. The token hit $9.66, down 10.74% daily and 15.58% weekly, with 24-hour volume soaring to $876.85 million, up 211.87%.
The sell-off followed Trump calling Musk’s criticism of his tax bill “disappointing. ” Musk fired back, accusing Trump of ‘ingratitude‘ and claiming, ‘Without me, Trump would have lost the election.”
Trump’s namesake coin has already shown signs of recovery since the falling out. Currently trading at $10.86, the token has gained nearly 12% from its $9.66 low, though it remains down 3.97% on the 7-day chart.
Featured image via Shutterstock.
