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- A dealer misplaced $7.08 million on his investments in TRUMP and MELANIA meme cash.
- A single insider pockets is suspected to have triggered a 50%-60% value crash in TRUMP alone.
- Donald Trump and his workforce had been accused of orchestrating a pump and dump scheme.
Donald Trump’s workforce launched two meme cash, Official Trump (TRUMP) and Official Melania Meme (MELANIA), solely to see their costs crash shortly after debut.
The cash initially surged, with TRUMP and MELANIA reaching excessive valuations earlier than shedding 43.31% and 64% of their worth inside 24 hours, respectively. Critics have accused Trump’s workforce of working a pump-and-dump scheme, utilizing investor funds as exit liquidity forward of Inauguration Day.
Associated: Robinhood Lists TRUMP Token: Right here’s What Occurred Subsequent
Whale Takes Heavy Loss on TRUMP and MELANIA Tokens
Not all traders profited from the launch of TRUMP and MELANIA. In response to on-chain analyst The Knowledge Nerd, a whale spent $9.5 million to amass 187.36K TRUMP tokens at a mean value of $58.03.
TRUMP now trades at $32.92, inflicting a $7.08 million loss for the whale, who nonetheless holds 193.7k TRUMP and 1.82 million MELANIA tokens. MELANIA’s value dropped from a mean of $7.78 to $3.89, marking a 64% decline in 24 hours, CoinMarketCap knowledge reveals.
Equally, the whale bought 1.348 million MELANIA tokens on Monday at a mean value of $7.78. MELANIA now trades at $3.89, marking a 64% decline in 24 hours. On Tuesday, The Knowledge Nerd up to date that the whale had misplaced $7.08 million however nonetheless held 1.82 million MELANIA and 193.7K TRUMP tokens.
Pump-and-Dump Allegations Goal Trump Staff
The steep rise and fall of TRUMP and MELANIA have led to allegations of a pump-and-dump scheme. Critics accused Trump’s workforce of utilizing investor funds as exit liquidity for the tasks forward of Inauguration Day.
Associated: Trump’s Inauguration Sees OBT Token Launch and KuCoin Itemizing
Blockchain analytics platform Bubblemaps revealed {that a} whale, doubtless an insider, triggered a 50%-60% drop in TRUMP’s value. This whale reportedly bought TRUMP tokens early and cut up the holdings into ten wallets. Following MELANIA’s launch, these wallets dumped their TRUMP tokens, sending the cryptocurrency right into a downward spiral.
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