A crypto whale is reserving tens of millions of {dollars} in losses after making a number of Official Trump (TRUMP) trades.
Based on blockchain monitoring platform Lookonchain, the whale’s losses have ballooned to just about $16 million on his TRUMP memecoin trades this month.
“This whale offered 743,947 TRUMP ($7.92 million) at $10.66 [Friday] – taking one other $3.3 million loss on TRUMP! He solely profited on his first TRUMP commerce. The subsequent three had been all losses, bringing his complete loss to $15.7 million.”
Earlier this month, Lookonchain noticed that the identical whale at first made almost $12 million on his preliminary TRUMP commerce, earlier than struggling the big losses.
“This whale made $11.82 million on his first TRUMP commerce, misplaced $24.35 million on the second, and took one other $201,000 loss on the third! Now, he’s back-spending $11.28 million to purchase 777,684 TRUMP at $14.50. Will he flip a revenue this time?”
Different whales are additionally looking at losses on their latest TRUMP trades.
One deep-pocketed investor offered TRUMP for a lack of $207,000 this week after spending $5 million price of Circle’s stablecoin, USDC, to build up the memecoin proper after President Donald Trump posted “I LOVE TRUMP” on his social media platform Fact Social, in keeping with Lookonchain.
President Trump launched the memecoin in January, simply days earlier than his inauguration.
TRUMP is buying and selling for $10.27 at time of writing, down 8.1% within the final 24 hours.
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