Whale Who Netted $108,000,000 Profit on TRUMP Books Loss on the Memecoin After President’s Truth Social Post
A whale who previously won big on the Official Trump ( TRUMP ) memecoin booked a loss on the controversial asset over the weekend, according to the crypto tracker Lookonchain.
Lookonchain notes on the social media platform X that the whale spent $5 million worth of Circle’s stablecoin, USDC , to buy TRUMP right after President Donald Trump posted “I LOVE $TRUMP” on his social media platform Truth Social.
The whale then sold the TRUMP stash an hour later, booking a $207,000 loss.
However, the loss pales in comparison to gains the whale made earlier this year when it spent 1.09 million USDC to buy 5.97 million TRUMP and booked a $108 million profit, according to Lookonchain.
The president launched the Official Trump memecoin in mid-January, days before he took office. The asset has generated controversy in and out of crypto circles, raising questions of corruption in an already heavily questioned administration.
Even Ethereum ( ETH ) founder Vitalik Buterin said in January that political coins represented “vehicles for unlimited political bribery.”
In a February letter to the U.S. Department of Justice (DOJ) and the Office of Government Ethics, officials at the nonprofit consumer advocacy organization Public Citizen argued TRUMP could be a violation of federal law regulating gifts to government officials.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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