Blockchain tracking firm Lookonchain says one whale trader pocketed a $180 million profit by selling a new memecoin too early.
According to Lookonchain, trader “LeBron” sold more than 4.5 million official TRUMPs for an average of $1 per coin before the digital asset soared into double digits, missing out on a massive nine-figure profit.
“LeBron sold 4.52 million TRUMP ($185 million) at an average price of $1 for 4.52 million USDC, losing $180 million in profits by cashing out too early (at the time of reporting).
(Tuesday) he spent 2.5 million USDC to buy back TRUMP, but soon sold it for 2.43 million USDC, resulting in a loss of $67,000.”
Lookonchain also found that other cryptocurrency whale traders were also missing out on huge windfalls by selling TRUMP early.
“Did we sell Trump too early?…
GoM5… eotR used 500,000 USDC to buy 2.65 million TRUMP (currently worth $160 million) and sold it for 1.35 million USDC, missing out on a profit of $158.7 million.
5AS9… 48Sm used 1 million USDC to buy 2.64 million TRUMP (currently worth $159.7 million) and sold it for 2.36 million USDC, missing out on a profit of $157 million.
8RC6… wRXB used 1,700 SOL ($372,000) to buy 1.79 million TRUMPs (now $108 million) and sold them for 3,544 SOL ($776,000), missing out on a $107 million profit.”
Lastly, Lookonchain pointed out that just four days after the TRUMP memecoin was launched on the Solana (SOL) network, stablecoin USDC issuer Circle minted 2.5 billion USDC on Solana. This suggests that digital assets have sparked frenzied trading activity.
At the time of this writing, TRUMP is trading at $38.74, down 19.6% in the last 24 hours.
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