- The dealer misplaced $7.08 million on his investments in TRUMP and MELANIA meme cash.
- A single insider pockets is suspected of inflicting a 50%-60% value drop in TRUMP alone.
- Donald Trump and his staff have been accused of establishing a pump and dump scheme.
Donald Trump's staff launched two meme cash, Official Trump (TRUMP) and Official Melania Meme (MELANIA), solely to have their costs plummet shortly after their debut.
The cash initially surged, with TRUMP and MELANIA reaching excessive valuations, earlier than dropping 43.31% and 64% of their worth in 24 hours. Critics have accused Trump's staff of working a pump-and-dump system and utilizing investor funds as exit liquidity forward of Inauguration Day.
Associated: Robinhood Lists TRUMP Token: What Occurred Subsequent
The whale suffered heavy losses on TRUMP and MELANIA chips
Not all buyers profited from the launch of TRUMP and MELANIA. Based on on-chain analyst The Knowledge Nerd, the whale spent $9.5 million to amass 187.36 thousand TRUMP tokens at a median value of $58.03.
TRUMP is now buying and selling at $32.92, inflicting the whale, who nonetheless holds 193.7K TRUMP and 1.82M MELANIA tokens, to lose $7.08M. MELANIA's value dropped from a median of $7.78 to $3.89, a 64% drop in 24 hours, CoinMarketCap information reveals.
Equally, the whale purchased 1.348 million MELANIA tokens on Monday at a median value of $7.78. MELANIA is now buying and selling at $3.89, down 64% in 24 hours. On Tuesday, The Knowledge Nerd up to date that the whale misplaced $7.08 million however nonetheless holds 1.82 million MELANIA tokens and 193.7 thousand TRUMP tokens.
Pump-and-Dump Allegations Goal Trump's Group
The steep rise and fall of TRUMP and MELANIA has led to accusations of a pump-and-dump scheme. Critics accused Trump's staff of utilizing investor funds as exit liquidity for initiatives earlier than Inauguration Day.
Associated: Trump's inauguration noticed the launch of OBT tokens and the launch of KuCoins
Blockchain analytics platform Bubblemaps revealed {that a} whale, seemingly an insider, triggered a 50%-60% drop within the value of TRUMP. This whale allegedly purchased TRUMP tokens early and divided them into ten wallets. After the launch of MELANIA, these wallets dumped their TRUMP tokens, sending the cryptocurrency right into a downward spiral.
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