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Meme Coin Whale Loses $21M as TRUMP Token Crashes
Generated by AI AgentCoin World
Wednesday, Feb 5, 2025 12:08 pm ET1min read
The crypto market has witnessed a significant downturn in recent weeks, with meme coins being particularly hard hit. One such meme coin, TRUMP, has seen a sharp decline in value, leading to a loss of $21 million for a prominent whale, or large investor, in the token.
The whale, who had previously made a fortune from TRUMP, invested over $23 million in the meme coin last month, reaping huge rewards as the token's value skyrocketed. However, the market downturn has since led to a significant loss for the whale, with the token's value crashing by 39% this week alone.
The TRUMP token is currently the fourth-largest meme coin by market capitalization, with trading volumes at an all-time high. However, the token's value has been highly volatile, with a sharp decline leading to liquidation from top assets and sparking debates among market participants.
The wider meme coin market has also been affected by the downturn, with many tokens experiencing significant losses. DOGE, for example, has sunk by 15% in the past week, while SHIB has posted an 11% decline. Bulls remain hopeful, however, that the broader market will recover, with institutional investors in Bitcoin ETFs and favorable crypto rules in the United States being key targets for a potential turnaround.
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