The TRUMP meme coin surged on January 18, 2024, when the president-elect was announced as Donald Trump. Among the large investors, one made the best out of the situation, buying 860 895 TRUMP tokens for $12 million, an average of $13.94 per token.
As seen from Lookonchain, the investor cashed out on all the tokens during the rally, with an average price of $27.67, which generated $11.8 million in profit.
High-Profile investors cash In on the TRUMP rally
The price skyrocketed and attracted several large investors. Notable among them was a wallet dubbed “LeBron.” Within five minutes of the token’s launch, an investor purchased 4,520,000 TRUMP tokens for $1 million USDC. The token’s value increased, thereby reaching more than two million investments.
Another trader doubled his or her investment of $1.1 million to $70 million within a few hours. They sold 1.35 million tokens for 3650 USDC and 4620000 TRUMP tokens worth 67500000. Like it, the trader 0xsun staked $653,000 and bought 1,000,100 tokens using 3,000 Solana (SOL). The two sold part of their stakes for $812,000 and realized $3.7 million in profits.
Whales boost market activity
Large investors, commonly called whales, contributed a lot of token activity. One whale withdrew 61,205 SOL, equivalent to over $14.3 million, on OKX to buy 1.27 Million TRIMP tokens. Another whale invested 8.5 million USDC in 1,03 million tokens at an average price of 8.28.
The token’s price reached its all-time high of $35 before stabilizing slightly. When writing this memorandum, TRUMP had a value of $26,72 and had soared by 328% in the last 24 hours. Though it holds only 200 million of the 1 billion tokens in the market, this raises the question of how future token sales will be.
Questions surround Trump’s Crypto entry
Even President-elect Donald Trump took to social media to introduce the TRUMP meme coin as a victory marker. On the token’s official website, it is defined as a virtual asset with no utility and not a currency.
Still, it is noteworthy that more and more people turn to it, and questions have been created about its reliability and market manipulation. It has been estimated that Trump’s team sold $500mn in tokens while keeping 85 percent of the tokens’ supply. Also, the report unveiled that more tokens will be put in the circulating supply, which made some critical minds ask which kind of pressure will likely be downward on prices: downward? The coin’s market cap is approximately $5.8 billion, as listed on CoinMarketCap.