A crypto whale is booking millions of dollars in losses after making several Official Trump (TRUMP) trades.
According to blockchain tracking platform Lookonchain, the whale’s losses have ballooned to nearly $16 million on his TRUMP memecoin trades this month.
“This whale sold 743,947 TRUMP ($7.92 million) at $10.66 [Friday] – taking another $3.3 million loss on TRUMP! He only profited on his first TRUMP trade. The next three were all losses, bringing his total loss to $15.7 million.”
Earlier this month, Lookonchain noticed that the same whale at first made nearly $12 million on his initial TRUMP trade, before suffering the large losses.
“This whale made $11.82 million on his first TRUMP trade, lost $24.35 million on the second, and took another $201,000 loss on the third! Now, he’s back-spending $11.28 million to buy 777,684 TRUMP at $14.50. Will he turn a profit this time?”
Other whales are also looking at losses on their recent TRUMP trades.
One deep-pocketed investor sold TRUMP for a loss of $207,000 this week after spending $5 million worth of Circle’s stablecoin, USDC, to accumulate the memecoin right after President Donald Trump posted “I LOVE TRUMP” on his social media platform Truth Social, according to Lookonchain.
President Trump launched the memecoin in January, just days before his inauguration.
TRUMP is trading for $10.27 at time of writing, down 8.1% in the last 24 hours.
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Generated Image: Midjourney
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