An infamous TRUMP meme coin whale has made headlines after making risky investment decisions that led to massive losses. The whale initially made a profit of $11.8 million during the launch of the meme coin. However, in a panic-driven move, the whale decided to invest an additional $33.9 million to purchase 766,083 TRUMP tokens at a price of $44.25.
Unfortunately, this decision backfired, and the whale is now facing losses amounting to $21 million, with a $9 million hit to its initial capital. Currently, the TRUMP token is trading at $17.29, experiencing a 2.73% drop over the past 24 hours. Despite this, the cryptocurrency still maintains a strong trading volume of $2.92 billion.
Analysts on X (formerly Twitter) have speculated that the TRUMP token could potentially reach new all-time highs and even surpass Dogecoin (DOGE) as the top meme coin. This prediction is based on the recent price rally of DOGE, which was supported by Tesla CEO Elon Musk. A similar rally for TRUMP, linked to former US President Donald Trump, could occur in the near future.
In terms of technical analysis, TradingView’s 4-hour chart for TRUMP indicates seller strength, with the Relative Strength Index (RSI) at 31.89. The chart also suggests a potential move into the oversold area soon. However, there are signs of accumulation of the TRUMP token, as shown by the slope of the Accumulation/Distribution line. This could indicate a potential retest of $20 in the coming days, with a major resistance at $25 that needs to be broken for the meme coin to reach a new all-time high.
Overall, the TRUMP meme coin whale’s story serves as a cautionary tale about the risks of speculative investments in the volatile cryptocurrency market. It is essential for investors to exercise caution and conduct thorough research before making investment decisions in this space.
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