The post Whales take a hit as Trump family’s meme coins dive appeared on BitcoinEthereumNews.com.

A day after Donald Trump was sworn in as the 47th President of the U.S., whales took massive hits from Trump-backed meme coins MELANIA and TRUMP.  Just two days before his inauguration as the 47th president of the U.S., Donald Trump launched his meme coin, Official TRUMP (TRUMP), on the Solana (SOL) blockchain on Jan. 18. On Jan. 19, the token skyrocketed to a peak of over $75, swelling its market cap to nearly $15 billion—an eye-popping 840% jump from its all-time low of $6.24. However, as of this writing on Jan. 21, the TRUMP token has experienced a sharp downturn, dropping almost 57% to $33. In a turn of events, on-chain analyst Look On Chain highlighted a key transaction involving the wallet “Ansem.” The wallet, which had initially invested 9.38 million USDC (USDC) to purchase 194,799 TRUMP at an average price of $48.14, sold its holdings at $35.04, incurring a $2.55 million loss after receiving just 6.83 million USDC. Yesterday, a whale purchased 440,136 Melania Meme (MELANIA) tokens for 20,185 Solana, which is equivalent to $5.1 million, according to the on-chain platform Onchain Lens.  The purchase was made at a price of $11.60 per MELANIA. However, with the token’s value having experienced a sharp decline, the whale’s investment is now worth only $1.56 million, resulting in a floating loss of $3.53 million. Yesterday, a whale spent 20,185 $SOL worth $5.1M to buy 440,136 $MELANIA at $11.60. Currently, these $MELANIA are worth $1.56M with $MELANIA down ~75%, the whale is facing a floating loss of $3.53M. Address: 9WgB46v1hMbT51ZMut68RfMfLq3VnbHJhk9ngy57Zo5Z pic.twitter.com/5o06e5fgqk — Onchain Lens (@OnchainLens) January 21, 2025 Launched on Jan. 19, MELANIA is a meme coin tied to Melania Trump, the First Lady of the U.S. The token initially saw a sharp rise, reaching a high of $13.73. However, after a…

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Filed under: News - @ January 21, 2025 5:26 am