A day after Donald Trump was sworn in because the forty seventh President of the U.S., whales took huge hits from Trump-backed meme cash MELANIA and TRUMP.
Simply two days earlier than his inauguration because the forty seventh president of the U.S., Donald Trump launched his meme coin, Official TRUMP (TRUMP), on the Solana (SOL) blockchain on Jan. 18.
On Jan. 19, the token skyrocketed to a peak of over $75, swelling its market cap to just about $15 billion—an eye-popping 840% leap from its all-time low of $6.24. Nevertheless, as of this writing on Jan. 21, the TRUMP token has skilled a pointy downturn, dropping virtually 57% to $33.
In a flip of occasions, on-chain analyst Look On Chain highlighted a key transaction involving the pockets “Ansem.” The pockets, which had initially invested 9.38 million USDC (USDC) to buy 194,799 TRUMP at a median value of $48.14, offered its holdings at $35.04, incurring a $2.55 million loss after receiving simply 6.83 million USDC.
Yesterday, a whale bought 440,136 Melania Meme (MELANIA) tokens for 20,185 Solana, which is equal to $5.1 million, in keeping with the on-chain platform Onchain Lens.
The acquisition was made at a value of $11.60 per MELANIA. Nevertheless, with the token’s worth having skilled a pointy decline, the whale’s funding is now value solely $1.56 million, leading to a floating lack of $3.53 million.
Launched on Jan. 19, MELANIA is a meme coin tied to Melania Trump, the First Girl of the U.S. The token initially noticed a pointy rise, reaching a excessive of $13.73. Nevertheless, after a large-scale sell-off, its worth has dropped over 58% up to now 24 hours, now buying and selling at $3.72, marking a 73% decline from its peak.
Regardless of the losses, some crypto merchants throughout the group have claimed to have was in a single day millionaires from the Trump household tokens.
https://twitter.com/Mrcryptoxwhale/standing/1881418267040051486
The launch of those tokens has sparked widespread criticism, with many accusing the President of a battle of curiosity and utilizing the tokens as a money seize. Amid this, Ki Younger Ju, CEO of CryptoQuant, has advised that meme cash will stay a dominant development within the crypto house by 2028, aligning with the period of Trump’s presidency.
Moreover, the crypto group has additionally taken notice that the President didn’t point out crypto when he swore in yesterday, leaving each the attendees and the crypto group confused.