TL:DR;
- Inside simply over a day after its launch, the Trump-backed and endorsed meme coin has already created quite a few success tales of traders getting in on the proper time and (some) getting out.
- Nonetheless, meme cash stay extremely unstable and dangerous property, and traders must be cautious earlier than allocating funds to them.
The president-elect shook the whole crypto market on Friday evening when he introduced the launch of the OFFICIAL TRUMP (TRUMP) meme coin and invited his hundreds of thousands of followers and supporters to affix his group.
Regardless of the controversial launch and fears a few potential hack or a rip-off, the token turned an in a single day sensation. Its worth is now value $40, whereas its market capitalization has soared previous $8 billion, making it the third-largest meme coin, sitting behind solely DOGE and SHIB.
With this outstanding rise in worth inside mere hours, the variety of success tales for merchants who bought in early (presumably insiders) and have already offered some parts to seize large income has gone by the roof.
Turned $1.1M into $70M in simply 4 hours—unimaginable!
This dealer has offered 1.35M $TRUMP for $3.65M, and nonetheless holds 4.62M $TRUMP($67.5M), bringing his complete revenue to over $70M!https://t.co/m1k6zmKgLA pic.twitter.com/U3IeU23PER
— Lookonchain (@lookonchain) January 18, 2025
After the preliminary shopping for spree, extra data emerged later from Lookonchain about deposits to massive exchanges, similar to OKX, the place the identical merchants most certainly capitalized on the worth rally by promoting off their tokens.
Whale “Fpj236…uVJr” deposited all 1.27M $TRUMP ($43.9M) into #OKX an hour in the past, with a revenue of $29.6M!https://t.co/RN5fXx11CW pic.twitter.com/4HyHZSHgou
— Lookonchain (@lookonchain) January 19, 2025
One of many extra well-known merchants, which Lookonchain referred to as ‘legendary,’ made $6.8 million on the TRUMP token inside a day after securing a $12.5 million revenue from BOME final 12 months.
OFFICIAL TRUMP’s launch was a extremely profitable and spectacular story. Nonetheless, not all meme cash have the identical spectacular path. There are literally thousands of such tokens launched each day, and most flip into fast rug pulls, leaving traders with empty palms. As such, merchants must be cautious when coping with meme cash, even when they’re launched by the upcoming US president.
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