TRUMP Coin Whale Loses $21 Million Amid Correction, Will Bear Phase Continue?

A meme coin whale lost a vast fortune trading $TRUMP tokens, sparking divided community reactions. Due to volatility, meme coins crashed harder than crypto assets, and community exits as funds tricked off wallets. The sharp decline led to liquidation from top assets, which similarly affected meme coins. These tokens move with the broader sentiments due to a lack of actual value in many networks. This has sparked debates leading to diverse views among market participants.

TRUMP Coin Trader Shocks The Market

According to Lookonchain, a trader who made quite a fortune from TRUMP meme coins lost gains and added investment in the token. In a recent X post, the firm noted that the whale made a $11.8 million profit on the token before splurging $33.9 million to rake in 766,083 TRUMP tokens. Due to the market downtrend, the trader lost $21 million, which included the initial $11.6 million and $9 million of his capital.

Last month, the crypto whale invested over $23 million in the meme coin, reaping huge rewards as the token exploded. The rise of Official Trump sent waves across the industry, resulting in several millionaires. TRUMP token is market capitalization’s fourth largest meme coin, with trading volumes over the roof.

“A whale dumped 860,895 $TRUMP for 23.8M $USDC just now. This whale spent 12M $USDC to buy 860,895 $TRUMP at $13.94, then sold it at $27.67, making a profit of $11.8M!” Lookonchain added.

Official Trump exchanges hand at $17.08, crashing 8% in the last 24 hours, adding to rising offloads. The asset has tanked 39% this week after posting double-digit exits the previous week. The meme coin’s market cap plunged to $3.4 billion as the community maintains mixed reactions to its growth prospects.

Wider Meme Coin Market Nosedives

Meme coin numbers are a shadow of last year’s massive growth after institutional investors spiked accumulations. A jump in significant crypto assets like Bitcoin, Ethereum, and Solana resulted in inflows of meme coins as they traded on broader sentiments. DOGE sank 15% last week and 5% today, while SHIB posted an 11% decline and a 2% daily outflow.

Other assets followed the same trend, although bulls expect a recovery with the broader market. Primary targets remain institutional investors in Bitcoin ETFs and hopes for favorable crypto rules in the United States.