Blockchain monitoring agency Lookonchain says one crypto dealer is taking a look at multi-million greenback losses after buying and selling the official memecoin of Melania Trump, spouse of US President Donald Trump.
In response to Lookonchain, the dealer scooped up almost 14 million Melania (MELANIA) final month for about $30 million, solely to dump all his holdings this week at a lack of $15.68 million.
Lookonchain additionally observed one other whale misplaced $3.73 million on his MELANIA commerce this week as properly.
“Whales offered all their MELANIA holdings at a loss just lately!
DNTpoX…LN2A spent 30 million USDC to purchase 13.97 million MELANIA a month in the past, and offered for 14.32 million USDC yesterday, dropping $15.68 million.
Gu2bnm…xmni spent 10 million USDC to purchase 6.69 million MELANIA 22 days in the past, and offered 6.27 million USDC prior to now two days, dropping $3.73 million.”
Melania is buying and selling for $0.85 at time of writing, down 93.5% from its all-time excessive of $13.05, which it hit on January twentieth, a day after launching.
Crypto whales buying and selling Official Trump (TRUMP), which the president launched simply days earlier than his inauguration, are additionally seeing pink.
Lookonchain reports {that a} whale liquidated his place within the TRUMP memecoin this week at a lack of $24.4 million
TRUMP is buying and selling at $12.60 at time of writing, down 83% from the all-time excessive value of $73.43, which it reached final month.
In the meantime, a freshman California Democrat Congress member, Consultant Sam Liccardo, is proposing laws to forestall lawmakers from profiting off meme property.
The invoice, known as the Fashionable Emoluments and Malfeasance Enforcement (MEME) Act, seems to be aimed toward Trump, who has profited off TRUMP regardless of the meme asset having misplaced billions in worth after launching earlier this yr.
Some analysts have accused Trump of perpetrating a rug pull.
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