According to recent data from blockchain tracking company Lookonchain, large traders, also known as ‘whales’, have taken significant hits in recent days with the memecoins of Donald Trump and his wife Melania Trump. What started as a hype around Trump’s inauguration now seems to be turning into a financial hangover for many.
Take for example the MELANIA-token, launched by Melania Trump. A trader threw a whopping 30 million USDC into the project and bought 13.97 million MELANIA a month ago. This week he decided to sell everything, but that only yielded 14.32 million USDC – a loss of 15.68 million dollars. Another whale bought 6.69 million MELANIA for 10 million USDC 22 days ago, but after selling this week, only 6.27 million USDC remained. That’s a loss of 3.73 million dollars. Lookonchain reports that these whales have liquidated their positions with substantial losses, underscoring the token’s downward spiral.
At the moment, MELANIA is hovering around 0.85 dollars. That’s a drop of a whopping 93.5% since the peak of 13.05 dollars on January 20, shortly after the launch. The euphoria of the initial phase has clearly faded, and what remains is a token struggling to maintain its value.
The TRUMP memecoin, which Donald Trump announced with much fanfare a few days before his inauguration, is not doing much better. Lookonchain saw how a whale liquidated his entire position this week and saw 24.4 million dollars go up in smoke. Although this trader had previously made a profit of 11.8 million dollars on TRUMP, he recently decided to invest another 33.9 million dollars. A gamble that backfired, as the price continued to fall.
Currently, TRUMP is trading at a price of 12.60 dollars, a significant drop of 83% compared to the all-time high of 73.43 dollars last month. What once seemed a promising project has mainly resulted in red figures for many investors.
Amidst this chaos, there is movement on the political front. Sam Liccardo, a newcomer to Congress representing the Democrats from California, has proposed the Modern Emoluments and Malfeasance Enforcement (MEME) Act. This bill aims to prevent lawmakers from profiting from memecoins like TRUMP and MELANIA. Although Trump himself reportedly made a hefty profit from TRUMP – despite the billions in market value losses since its launch – this proposal seems to be a direct response to his crypto projects. The timing is notable, especially now that the market value of these tokens is in free fall.
Dogecoin
Shiba Inu
Pepe
dogwifhat
Bonk
FLOKI
Bitcoin
Ethereum
Tether
Solana
XRP
Cardano
