A major holder of the meme token Official Trump (TRUMP), who had gained $11.8 million in January, has now faced unrealized losses amounting to $21 million. Analysts at Lookonchain highlighted this development.
This whale who made a $11.8M profit on $TRUMP spent another $33.9M to buy 766,083 $TRUMP at $44.25 and has now lost $21M.
He lost all his profits and over $9M of his initial capital!https://t.co/WTxtGTRK8z pic.twitter.com/SR3Vq0dNA3
— Lookonchain (@lookonchain) February 4, 2025
On January 18, the trader spent 12 million USDC to purchase 860,895 TRUMP at a price of $13.94. He then sold it at $27.67, earning a profit of $11.8 million.
Later, he acquired an additional 766,083 TRUMP for $33.9 million when the token was valued at $44.25. However, following a sharp decline in the asset’s value in early February, he lost $21 million, wiping out his previous profits and more than $9 million of his initial capital.
Meanwhile, analysts at Arkham reported that on February 4, a new wallet withdrew 10 million USDC from the Binance exchange and then converted it through DEX Jupiter into 6.68 million MELANIA. This made it the tenth largest holder of the meme coin, accounting for approximately 0.67% of the total supply.
A new address: Gu2bnm…vCxmni withdrew 10 million USDC from Binance at 17:47 UTC+8 today, and then through Jupiter to convert them into 6.689 million Trump’s wife’s token MELANIA, making it the tenth largest holding address, accounting for about 0.67% of the total.…
— Wu Blockchain (@WuBlockchain) February 4, 2025
Earlier in February, a significant downturn in the crypto market led to a 75% drop in TRUMP’s price from its peak.