"Crypto Whales' Millions Lost in Memecoin Gamble"

Crypto whales, high-net-worth individuals in the cryptocurrency market, have been actively engaging in massive memecoin trades despite the recent market downturn, according to blockchain tracking firm Lookonchain. These whales are taking significant risks, betting on the potential of memecoins to generate substantial profits.

One such whale, who had previously made a $11.8 million profit on President Donald Trump's memecoin, Official Trump (TRUMP), has since lost all of those profits and an additional $9 million of their initial capital. The whale spent $33.9 million to buy 766,083 TRUMP at $44.25, but the coin's price has since fallen to $17.61, resulting in a $21 million loss.

Another whale has recently acquired a substantial amount of Melania (MELANIA), the official memecoin of Melania Trump, after the altcoin rebounded from a low of $1.39. The whale created a new wallet and withdrew 10 million USDC from Binance to purchase 6.69 million MELANIA at $1.50. At the time of writing, MELANIA is trading for $1.74, up 20.5% in the last 24 hours.

In a separate incident, a crypto whale failed to capitalize on the potential profits of their holdings in artificial intelligence (AI)-based altcoins ai16z (AI16Z) and Zerebro (ZEREBRO). The whale had an unrealized profit of $40.8 million on January 2nd but did not sell for profit. On January 9th, the whale sold out ZEREBRO, losing approximately $1 million. On Thursday, the whale sold 21.34 million ai16z for $9.18 million, incurring another $1 million loss. Zerebro is currently trading for $0.067, up 4.3% in the last 24 hours, while ai16Z is trading for $0.41, down nearly 1% in the day.

These whales' actions highlight the high-risk, high-reward nature of the cryptocurrency market, where fortunes can be made or lost in a matter of days. As the market continues to