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    TRUMP Meme Coin Investor Gains $11.8M in Profits Through Clever Trading Strategies

    Image Source: ungvar / Shutterstock

    The TRUMP meme coin experienced a significant spike on January 18, 2024, coinciding with the announcement of President-elect Donald Trump. A prominent crypto whale capitalized on the moment, acquiring 860,895 TRUMP tokens for $12 million at an average price of $13.94, according to insights from Lookonchain.

    During this price surge, the same investor offloaded their entire share at an average price of $27.67, achieving a profit of $11.8 million. Additionally, reports emerged indicating that Trump’s team had sold $500 million worth of tokens, retaining control of 85% of the total supply. These developments have sparked discussions about potential market manipulation and the future trajectory of the coin.

    Surge in Notable Transactions

    The token’s sharp ascent drew the attention of various prominent traders. Lookonchain also noted that a user identified as “LeBron” traded $1 million USDC for 4.52 million TRUMP tokens within the first five minutes of the launch, with their investment quickly surpassing $2 million.

    Another trader captured attention after converting $1.1 million into $70 million in just four hours. This individual sold 1.35 million TRUMP tokens for 3.65 million USDC while still holding 4.62 million tokens valued at $67.5 million.

    The well-known crypto trader 0xsun also reaped benefits from the rally, investing $653,000 to purchase around 1 million tokens along with 3,000 Solana (SOL). After selling a portion of their assets for $812,000, they reported profits exceeding $3.7 million.

    Furthermore, large investors, referred to as ‘whales,’ contributed to intensified market activity. One whale transferred 61,205 SOL—valued at more than $14.3 million—from OKX to buy 1.27 million TRUMP tokens. In another instance, a different whale utilized 8.5 million USDC to acquire 1.03 million tokens at an average price of $8.28.

    Despite the rapid sell-off, TRUMP soared to an all-time high of $35 before retracting slightly. At present, the token is priced at $26.72, marking a remarkable 328% increase over the past day. However, only 200 million of the total 1 billion tokens are currently in circulation, prompting concerns about how later token releases might impact the market.

    Donald Trump Ventures into the Cryptocurrency Realm

    The project was unveiled by Trump through his social media platforms, with the token symbolizing victory and resurgence. “My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING!” he expressed.

    The official website for the coin describes it as a symbolic digital asset, devoid of utility, meaning, or use as a means of transaction or as a store of value.

    According to reports from Cryptopolitan, there are rising concerns regarding the legitimacy of this token, particularly due to its strong association with Trump. As of now, its market capitalization has approached $6 billion, as indicated by CoinMarketCap. The project plans to release an additional 800 million tokens over the next three years, which has raised alarms about potential adverse effects on pricing.

    Image Source: ungvar / Shutterstock

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