A crypto trader invested in the trending TRUMP meme coin. However, this meme caused great losses to crypto investors as the coin lost 70 percent of its value. Meanwhile, the TRUMP chart shows that the token is close to critical resistance. According to some analysts, a bounce above this could send the token to an ATH of $77.77.
Crypto trader lost big this time with TRUMP Coin!
cryptokoin.comAs you follow from , current US President Donald Trump launched his official meme coin, TRUMP, which is quickly becoming popular among crypto users. Some early adopters, including the crypto trader in question, made millions of dollars in profits. However, the trader’s second decision to reinvest in cryptocurrency ended in disappointment.
The trader initially purchased 1.03 million TRUMP at a price of just $1.79, on-chain analytics platform Lookonchain reported. After a massive rally, the trader sold all these tokens at a price of $23.84, making a profit of $22.7 million. In this way, the trader’s initial TRUMP investment generated millions in profits. However, the trader reinvested in the same token, purchasing 309,514 TRUMP, equivalent to $16.7 million. However, TRUMP meme coin price went downhill due to selling pressure. As a result, the crypto trader is now facing a loss of $8.48 million amid TRUMP’s 70% collapse.
Losses and profits are common in the crypto industry. Critics are concerned about Trump’s performance and continued consolidation. More importantly, despite its association with the US president, the meme coin has fallen victim to volatility, casting doubt on its recovery.
Can TRUMP Coin recover?
Within hours of its launch, TRUMP became one of the trending meme coins. On the same day, it reached a high of $75.35 before entering a consolidation and a full-blown downtrend. Recent moves by this crypto trader highlight the inherent crypto volatility. The decline in the trader’s PNL reflects the volatility of his market. This happened as the Trump coin entered a complete downtrend, losing 70% of its value since the ATH set eight days ago. The token is currently trading at $26.16. However, according to analysts, it is possible to rise up to $77.77 depending on the Fibonacci extension.
However, it is important to note that the journey may or may not go exactly with the given extension. Investors should do their best research to ensure minimal risk on their investments.
To be informed about the latest developments, follow us Twitter ‘ in, Facebook in and Instagram Follow on and Telegram And YouTube Join our channel!
