Crypto Whale's $24.4M Loss in Trump Memecoin

A crypto whale has incurred a significant loss of $24.4 million after liquidating a long position in the Official Trump (TRUMP) memecoin, according to onchain data from blockchain tracking platform Lookonchain.

The whale acquired 763,582 TRUMP tokens approximately a month ago at a price of $33.9 million. However, the whale has now sold the stash at approximately $9.48 million, resulting in a substantial loss. Prior to this trade, the whale had previously turned a profit on the memecoin.

According to Lookonchain, the whale had initially made a profit of $11.8 million on TRUMP before deciding to invest another $33.9 million to buy more of the memecoin. Unfortunately, the price of TRUMP continued to drop after the whale's purchase, leading to a loss of not only the initial profits but also an additional $12.6 million of the whale's initial capital.

At the time of writing, TRUMP is trading at $13.06, down by around 82% from its all-time high price reached last month. The TRUMP memecoin, which is billed as President Donald Trump's only official meme asset, was launched three days before the January 20th inauguration. On the eve of the inauguration, the memecoin reached an all-time high price of around $73.45.