Investor Lost $207K in An Hour Trading TRUMP

A notable cryptocurrency whale experienced a staggering $207,000 loss from trading the Official Trump (TRUMP) meme coin within an hour on 23 March.

This investor had previously turned an initial investment of 1.09 million USDC into nearly $108 million by purchasing 5.97 million TRUMP tokens at an earlier stage.

According to blockchain analytics firm Lookonchain, the whale spent 5 million USDC to acquire TRUMP following US President Donald Trump’s endorsement of the token on TruthSocial.

This endorsement spiked the token’s price above $12.25 on Sunday, triggering a surge in trading volume.

However, the coin's extreme volatility quickly reversed the gains, prompting the investor to sell at a significant loss.

TRUMP & MELANIA on a Downward Spiral

Ahead of Inauguration Day on 20 January, President Trump and Melania Trump launched official meme coins, TRUMP and MELANIA, sparking immediate controversy.

TRUMP saw a rapid surge above $70, but has since plummeted to around $11.39, reflecting a 3.78% drop in the last 24 hours.

MELANIA followed a similar trajectory, peaking near $13 before crashing to approximately $0.69 within two months; it is currently trading at $0.6789, down 0.89% in the last 24 hours.

The launch was met with political backlash, with critics accusing the meme coins of exploiting Trump’s name without offering real value to the cryptocurrency space.

In response, Rep. Sam Liccardo introduced the MEME Act, a bill that seeks to prevent senior government officials and their families from promoting or issuing cryptocurrencies like meme coins.

The legislation also calls for President Trump to return any profits derived from the meme coin ventures.