A whale who beforehand gained large on the Official Trump (TRUMP) memecoin booked a loss on the controversial asset over the weekend, in line with the crypto tracker Lookonchain.
Lookonchain notes on the social media platform X that the whale spent $5 million value of Circle’s stablecoin, USDC, to purchase TRUMP proper after President Donald Trump posted “I LOVE $TRUMP” on his social media platform Reality Social.
The whale then bought the TRUMP stash an hour later, reserving a $207,000 loss.
Nonetheless, the loss pales compared to beneficial properties the whale made earlier this 12 months when it spent 1.09 million USDC to purchase 5.97 million TRUMP and booked a $108 million revenue, in line with Lookonchain.
The president launched the Official Trump memecoin in mid-January, days earlier than he took workplace. The asset has generated controversy out and in of crypto circles, elevating questions of corruption in an already closely questioned administration.
Even Ethereum (ETH) founder Vitalik Buterin stated in January that political cash represented “autos for limitless political bribery.”
In a February letter to the U.S. Division of Justice (DOJ) and the Workplace of Authorities Ethics, officers on the nonprofit client advocacy group Public Citizen argued TRUMP could possibly be a violation of federal regulation regulating presents to authorities officers.
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