US President Donald Trump launched an official cryptocurrency, Official Trump (TRUMP), earlier this month. The asset’s price skyrocketed upon launch, climbing into the top 30 projects by market cap. The coin hit an all-time high of $73.43 on Jan. 19, 2025, one day before Trump’s inauguration. The asset has since fallen by nearly 65% from its peak.
Also Read: Gold Drops 2% as Dollar Surges: Fed Rate Decision Shakes Markets!
Official Trump In The Red
TRUMP is currently down 11.2% in the daily charts and 50.8% over the previous week. The dip is likely due to the bearish sentiment that looms over the crypto market.
The latest crypto market dip is likely due to larger macroeconomic conditions. The US dollar is picking up steam and investors are putting their funds in safer assets. President Trump announced some bullish news for the crypto industry as soon as he entered office. The announcements have failed to garner much steam in the market.
Also Read: De-Dollarization Alert: Russia’s $236B Digital Ruble Plan Revealed
Trader Makes $22 Million
According to cryptocurrency analysis firm LookOnChain, a whale by the name of “traderpow” made $22.7 million with Official Trump (TRUMP). The trader bought 1.03 million TRUMP coins when the asset was trading at $1.79 and sold them when the coin hit $23.84, making a profit of $22.7 million.
Despite the massive gains, the trader sustained a heavy loss recently. They purchased 309,514 TRUMP coins for $16.7 million when the asset was trading at $53.93. According to LookOnChain, the trader has so far lost $8.48 million.
Whale “traderpow” who made $22.7M on $TRUMP spent $16.7M to buy 309,514 $TRUMP($8.21M) at $53.93 and has now lost $8.48M.
traderpow previously bought 1.03M $TRUMP at 1.79 and sold at $23.84, making a profit of $22.7M.https://t.co/pOpjAW4RIh pic.twitter.com/j9ydYfC2IS
— Lookonchain (@lookonchain) January 27, 2025
Official Trump (TRUMP) could pick up steam over the next few weeks, given the macroeconomic worries die down. If inflation in the US dips, the Federal Reserve could introduce an interest rate cut. The development could lead to a rise in investor sentiment.
Also Read: Bitcoin At $98K: Why Is The Cryptocurrency Market Down Today?
Credit: Source link
