Despite being seen as the pro-crypto candidate of the 2024 election, thus far, Donald Trump’s second presidency has had its fair share of controversies regarding the cryptocurrency market.
Perhaps the most significant of these was the launch of Official TRUMP (Trump), the president’s very own meme coin. Released on January 17, just days before the inauguration, TRUMP quickly skyrocketed, reaching an all-time high (ATH) price of $44.28 per token on January 21, as well as a market capitalization of roughly $14.7 billion.
The frenzy was short-lived. By the end of January, Official TRUMP was changing hands at a price of $24.05, and has been on a steady downward trajectory ever since. At press time on March 28, the president’s meme coin was trading at a price of $10.18.
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Back in early February, Finbold reported on the huge losses accrued by one cryptocurrency whale who decided to bet on Official TRUMP. His initial $12 million investment shot up to $23.8 million in value, leaving him with a tidy $11.8 million profit.
Unfortunately for him, he doubled down, spent $33.9 million to open a new position, and then closed it once it had dropped to $12.85 million in value. This $21 million loss brought his total losses to $10 million.
That same trader opened a new position on March 3, having bought 777,684 TRUMP, according to Lookonchain.
On March 28, he liquidated this position, and once again accrued millions of dollars worth of losses.
Whale’s Official TRUMP losses now stand at approximately $13.35 million
The latest trade, which took place at a price of $14.50 per token, was valued at roughly $11.27 million at the time of acquisition.
Data retrieved by Finbold from Solscan indicates that most of the wallet’s Official TRUMP holdings were sold off through a series of transactions roughly 10 hours before the time of publication.
In total, the trader managed to offload 743,947 TRUMP for a total price of $7.92 million. With the sale concluded, the whale in question has lost another $3.35 million on the meme coin — bringing his total losses to roughly $13.35 million since mid-January.
Featured image via Shutterstock
