A whale who previously won big on the Official Trump (TRUMP) memecoin booked a loss on the controversial asset over the weekend, according to the crypto tracker Lookonchain.
Lookonchain notes on the social media platform X that the whale spent $5 million worth of Circle’s stablecoin, USDC, to buy TRUMP right after President Donald Trump posted “I LOVE $TRUMP” on his social media platform Truth Social.
The whale then sold the TRUMP stash an hour later, booking a $207,000 loss.
However, the loss pales in comparison to gains the whale made earlier this year when it spent 1.09 million USDC to buy 5.97 million TRUMP and booked a $108 million profit, according to Lookonchain.
The president launched the Official Trump memecoin in mid-January, days before he took office. The asset has generated controversy in and out of crypto circles, raising questions of corruption in an already heavily questioned administration.
Even Ethereum (ETH) founder Vitalik Buterin said in January that political coins represented “vehicles for unlimited political bribery.”
In a February letter to the U.S. Department of Justice (DOJ) and the Office of Government Ethics, officials at the nonprofit consumer advocacy organization Public Citizen argued TRUMP could be a violation of federal law regulating gifts to government officials.
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