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A major crypto whale recently performed a series of unfavorable moves into and out of the $TRUMP token, resulting in a $3.8 million loss before buying back at higher prices.
The whale withdrew 10 million USDC from Binance last month, reportedly split across two wallets. On April 15th, he purchased 630,000 $TRUMP tokens with 5 million USDC at an average of $7.93 per token.
Just five hours before the Trump dinner announcement, the whale suddenly sold all 630,000 $TRUMP tokens for approximately 5.48 million USDC, averaging $8.70 per token. In this case, he turned 5 million USDC into 5.48 million USDC within a few days, resulting in a paper profit of $483,000.
His wallets after the sale contained 10.48 million USDC.
Interestingly, a full glance at the accompanying blockchain chart shows a much messier situation. In the past two months, the whale has been involved in many trades.
Source: @EmberCN
At the beginning, several million USDC from Binance’s hot wallets were moved at once into his addresses. Some of these funds were later converted back to USDC or converted into other smaller tokens like IPLR or SOL (Solana).
Furthermore, the whale had been swapping small amounts of SOL in the last one to three weeks, including 0.0957 SOL for $12.41 and 0.1 SOL for $12.99. At the same time, much larger trades of $TRUMP, such as 316,627 $TRUMP tokens, were moved two times, amounting to roughly $2.49 million and $2.85 million, respectively.
These repeated $TRUMP trades appeared like the whale was simply gradually adjusting their position for scaling purposes rather than making one large purchase.
The initial 10 million USDC withdrawal was said to be divided into batches, as transfers of around 2.5 million USDC were recorded repeatedly through Binance’s hot wallets to his addresses in the last two months.
He also bought $TRUMP worth a total sum of $10,000, which is a minuscule amount in comparison to his purchase of 10,000 IPLR tokens for $6.37.
Filed Under: News, Market Analysis
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Whale Loses $3.8M On $TRUMP, Then Buys Back High – TronWeekly
