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TRUMP Coin Whale Bets Another $1.6M Despite Massive Loss, What’s Happening?
A TRUMP coin whale has nabbed noteworthy attention among crypto market participants globally by bagging $1.6 million worth of tokens amid broader sector turmoil. On-chain data on Saturday revealed that the whale, previously recorded to have made considerable losses with the same token, has again entered the market amid the ongoing TRUMP price dip. In turn, traders and investors speculate whether the meme coin could pump or fall ahead, given broader trends highlight the chances of further volatility while the accumulation signals potential gains ahead.
TRUMP Coin Whale Bags Heavily Despite Previous Losses
According to the data offered by Lookonchain, as of February 8, a TRUMP coin whale spent 1.6 million USDC to buy 95,657 tokens. Although usual market sentiments convey optimism in light of whale accumulations, this trader’s previous maneuvers surrounding the meme coin remain bearish.
Data revealed that the trader (address- 3MF15CZwf) is known for buying at highs and selling at lows, and thus making losses. Over the past 6 days, this whale showcased a lose-incurring strategy, losing $835K. As a response, market watchers are unsure of the political meme coin’s future performance amid broader trends.
Crypto Market Volatility Puts Pressure On Prices
It’s worth pointing out that the TRUMP Coin whale may be trying to exhibit a buy-the-dip strategy, which has failed as he bought too early while the token’s price continued to drop. Mainly, this waning action is attributed to the broader crypto market trend as BTC and altcoins struggle to pump due to macroeconomic developments.
With Donald Trump announcing new tariffs on Canada, Mexico, and China earlier this week, markets took a hit. As a response, even the digital asset sector saw a bearish run.
Besides, despite a 30-day pause on the new tariffs, the market is yet to recover as investor uncertainty over future movements looms. With this factor weighing in, the crypto market continues to tackle market volatility, with even the political meme coin taking heat.
Official TRUMP Coin Price Slumps
At the time of reporting, TRUMP coin’s price fell nearly 4% and is currently trading at $16.96. Its intraday bottom and peak were $16.22 and $18.17, respectively. Further, the weekly price chart showcased a massive 28% crash in value. This plunging action falls in line with the broader market trend.
Nevertheless, market enthusiast MOON JEFF has recently taken to X, revealing that the meme coin is consolidating. Moreover, he goes on to add that, “A big pump is coming. Flying to $50 from here.” This statement may come true, given that the crypto market recovers ahead of time and the asset sees renewed market interest.
Also, the TRUMP coin whale accumulation falls in line with this bullish projection. Nevertheless, the current meme coin market dynamics indicate that traders should be ready for short-term volatility, mimicking broader trends. Besides, a recent report on the TRUMP coin indicates that the crypto might also slip to $5 if the bears continue to dominate.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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