- A crypto whale turned $12M into $23.8M by buying TRUMP meme coin at $13.94 and selling during a surge at $27.67.
- TRUMP hit $35 before dropping to $26.72, a 328% daily increase, while Trump’s team sold $500M worth of tokens, retaining 85% of the supply.
- A trader converted $1.1M into $70M, and whales invested $14.3M in Solana (SOL) to amplify market activity.
On January 18, 2024, the price of the TRUMP meme coin soared to the skies on the back of excitement over President-elect Donald Trump’s announcement. As a sign of victory, the coin immediately became the center of crypto traders and investors’ attention, who wanted to earn quick profits from its highly volatile price fluctuations.
According to Lookonchain, one crypto whale came into the limelight by buying 860,895 TRUMP tokens for $12 million at an average price of $13.94. The same investor sold his holdings when the price jumped at an average price of $27.67, booking an astonishing profit of $11.8 million. Later, reports also emerged that Trump’s team sold $500 million worth of tokens and retained control of 85% of the total supply, leaving the door open for potential market manipulation.
The token’s meteoric rise has attracted several high-profile traders to the token. Lookonchain also reported that a wallet called “LeBron” converted $1 million USDC into 4.52 million TRUMP tokens within minutes of the coin’s launch. This investment doubled to $2 million in mere hours, reflecting the token’s explosive momentum.
Another trader hogged headlines when, at one point, he turned $1.1 million into $70 million in four hours. He sold 1.35 million TRUMP tokens for $3.65 million USDC and held onto the remainder, now worth $67.5 million of the tokens. Pseudonymous trader “0xsun” also spent $653,000 and 3,000 Solana for 1 million TRUMP tokens and later sold part of his stake for $812,000 to net more than $3.7 million in profit.
Whales Boost TRUMP Meme coin with $14.3M in SOL
Large-scale investors, better known as whales, further led the movement of TRUMP. That whale transferred 61,205 SOL, worth more than 14.3 million dollars in equivalent value, from OKX to purchase 1.27 million pieces of TRUMP tokens. He used 8.5M USDC while buying 1.03M pieces on average for approximately $8.28 per token.
Despite some profit-taking, TRUMP hit an all-time high of $35 before pulling back to $26.72, a 328% increase within a single day.
TRUMP currently has a circulating supply of 200 million tokens out of 1 billion. While this seems low, considering plans to release an additional 800 million more in the coming three years instills fear of possible price pressures. These concerns, coupled with market manipulation allegations on account of massive sales of tokens by Trump’s team, have left investors cautious.
The TRUMP token received an explosion of attention following Donald Trump’s announcement via social media. A tribute to “winning” and coming back, as defined by Trump himself, it calls for celebration. On its official website, though, this coin declares it does not have utility or inherent value; therefore, the coin is simply a symbolic digital asset.
As of now, TRUMP’s market capitalization has reached almost US$6 billion, according to CoinMarketCap. While the coin has delivered monumental returns to a handful of traders, skepticism about the coin’s long-term viability persists. The token’s association with Trump, further combined with the lack of tangible use cases, has left critics questioning the authenticity of the token.
The explosive entrance of the TRUMP meme coin reflects how speculative cryptocurrency markets are. Though some investors have been able to make a killing, issues of market manipulation, over-supply of tokens, and a lack of utility of the coin may affect its future. Whether TRUMP will be the symbol for triumph or a passing fad is a story that keeps unfolding.
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