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TRUMP whale regrets sale, pays double to buy back meme coins
A cryptocurrency investor who prematurely sold a large position in the TRUMP meme coin has returned to the market by purchasing 337,000 tokens.
The current price is nearly double their previous selling price. On-chain analyst Ember CN reported that the whale used 5.196 million USDC to re-enter the market and paid an average price of $15.39 per TRUMP (TRUMP) token.
This purchase follows the investor’s previous decision to sell 630,000 TRUMP tokens at $8.70 each. This was just 20 hours before the announcement of a dinner event with former President Trump, which caused the token’s value to surge.
“He missed the explosive surge after the dinner plan was announced. Today, he got back in at $15.39,” Ember CN noted. The timing of the investor’s initial sale was unfortunate, as they missed potential profits of approximately $3.8 million by exiting their position before the price spike.
The dinner announcement promised that the top 220 TRUMP token holders would be invited to a “Private, Members-Only Club in Washington, D.C. for Dinner” with the former president on May 22. This has positively impacted the token’s value but drew scrutiny from Democratic lawmakers.
According to the official TRUMP leaderboard, the largest holder currently possesses over 1.22 million tokens, while the second-place position holds approximately 1.19 million.
Meanwhile, other traders have been actively restructuring their portfolios to capitalize on the TRUMP token’s surge. Blockchain analytics platform Lookonchain identified one particularly successful trader who swapped their entire holdings of 1.18 million Fartcoin (worth approximately $1.22 million) for 78,671 TRUMP tokens.
The TRUMP token’s value had jumped close to 90% by the dinner event announcement. However, the meme coin is still down by close to 80% since its all-time high of $73.
The promise of direct access to the former president has created a competition among holders trying to maintain their ranking on the leaderboard to secure an invitation.