TRUMP Memecoin Sale Cost Trader $33 Million In Potential Gains As Memecoin Plunges 76% From Market Top

A trader missed out on potential profit worth tens of millions after selling Official Trump TRUMP/USD at a significant discount on Saturday, failing to act during the meme coin’s peak.

What Happened: The investor initially bought into TRUMP, the official cryptocurrency of President Donald Trump, when the price was approximately $1.03, according to the on-chain tracking platform Lookonchain.

They then offloaded all of their 637,000 TRUMP coins for $12.24 million, booking an impressive profit of $11.4 million.

However, if the trader had sold at the meme coin’s peak of $75.35, the profit could have exceeded $45 million. So, the late sale deprived them of $33 million in gains.

See Also: Elon Musk Says Treasury Officials ‘Breaking The Law Every Hour’ By Approving Fraudulent Payments — DOGE Lead Wants A Blockchain Fix

Why It Matters: The missed chance underscores the volatility and unpredictability of meme coins, especially those that are themed on popular people and celebrities.

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Launched by Trump just ahead of his presidential inauguration, TRUMP reached a fully diluted valuation of roughly $75 billion shortly after its debut but has since crashed over 76%.

While the coin possesses some utility, like allowing customers to use it to buy Trump-branded merchandise, most of its moves have been dictated by broader market trends.

Price Action: At the time of writing, TRUMP was exchanging hands at $17.87, down 15% in the last 24 hours, according to data from Benzinga Pro.

Benzinga Note: Investing in meme coins and cryptocurrencies is highly speculative and involves significant risk. Meme coins often lack intrinsic value and are driven by market sentiment, social media trends, and speculative trading. 

Photo by Igor Faun on Shutterstock

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.