TL:DR;
- Within just over a day after its launch, the Trump-backed and endorsed meme coin has already created numerous success stories of investors getting in at the right time and (some) getting out.
- Nevertheless, meme coins remain highly volatile and risky assets, and investors should be wary before allocating funds to them.
As a crypto enthusiast, I was taken aback last Friday evening when the president-elect unveiled his plan for the OFFICIAL TRUMP (TRUMP) meme coin, sparking a wave of excitement across the digital currency market. He extended an invitation to his legion of followers and supporters to join him in this new venture and build our community together.
Despite initial doubts due to controversy surrounding its launch and concerns about possible security issues or fraud, this token quickly gained immense popularity. Currently, its value stands at around $40, while its market capitalization has surpassed $8 billion, placing it as the third-largest meme coin, trailing only behind DOGE and SHIB in terms of size.
In just a short time, the worth of this investment has skyrocketed, leading to an increase in victorious trader tales – many of whom seem to have been among the first buyers or perhaps privy to insider information – who’ve already cashed out significant sums, raking in enormous profits.
Turned $1.1M into $70M in just 4 hours—incredible!
This trader has disposed of 1,350,000 units of $TRUMP for a total of $3,650,000, while retaining 4,620,000 units worth approximately $67.5 million. This action boosts his overall earnings from trading $TRUMP to more than $70 million!
— Lookonchain (@lookonchain) January 18, 2025
Following an initial flurry of purchases, further data from Lookonchain surfaced regarding deposits into major exchanges like OKX. It appears that these same traders may have taken advantage of the price surge by unloading their tokens thereafter.
Just now, the whale identified as “Fpj236…uVJr” made a deposit of approximately 1.27 million dollars worth of $TRUMP into OKX, raking in a profit of about 29.6 million dollars!
— Lookonchain (@lookonchain) January 19, 2025
Among well-known traders, one who is often referred to as ‘legendary’ earned approximately $6.8 million by trading the TRUMP token in just a single day. Last year, this trader also accumulated a profit of around $12.5 million from the BOME token.
A trader known for their legendary status made over $6.8 million in one day by investing in the TRUMP token. They had previously amassed a profit of about $12.5 million with the BOME token last year.
As a researcher delving into the world of cryptocurrencies, I’ve witnessed the extraordinary success story that is OFFICIAL TRUMP’s launch. Yet, it’s crucial to remember that not every meme coin follows such a spectacular trajectory. Daily, thousands of these tokens enter the market, and many of them are nothing more than swift rug pulls, leaving investors bereft of their investments. Therefore, it’s essential for traders to exercise caution when dealing with meme coins, regardless of who their creators may be, even if they claim association with an upcoming US president.
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2025-01-19 10:10