The launch of Official Trump (TRUMP) and Official Melania Meme (MELANIA) coins by Donald Trump’s team has caused quite a stir in the cryptocurrency world. However, what started as a promising venture quickly turned into a nightmare for some investors.
One particular trader, known as a whale in the crypto community, made a significant investment in TRUMP and MELANIA tokens, only to suffer a massive loss of $7.08 million. The whale purchased a large number of TRUMP tokens at an average price of $58.03, only to see the price plummet to $32.92, resulting in the substantial loss.
Similarly, the whale also bought a substantial amount of MELANIA tokens at an average price of $7.78, which dropped to $3.89 within 24 hours, marking a 64% decline. Despite the losses, the whale still holds a significant amount of both TRUMP and MELANIA tokens, showcasing the risks involved in investing in meme coins.
The sharp rise and fall of TRUMP and MELANIA tokens have raised suspicions of a pump-and-dump scheme orchestrated by Trump’s team. Critics have accused them of using investor funds as exit liquidity, leading to the rapid decline in token prices shortly after the launch.
Blockchain analytics platform Bubblemaps revealed that a single insider wallet may have played a significant role in causing a 50%-60% price crash in TRUMP alone. This insider reportedly purchased TRUMP tokens early on and split the holdings into multiple wallets, which were then used to dump the tokens, triggering a downward spiral in the cryptocurrency’s value.
The allegations of a pump-and-dump scheme have cast a shadow over the launch of TRUMP and MELANIA coins, raising concerns about the integrity of the projects. Investors are advised to exercise caution and conduct thorough research before investing in any cryptocurrency, especially meme coins with volatile price fluctuations.
In conclusion, the saga of TRUMP and MELANIA tokens serves as a cautionary tale for investors in the crypto market. While the allure of quick profits may be tempting, it is essential to approach such investments with caution and skepticism to avoid significant losses.