A significant cryptocurrency trade occurred shortly after 9 p.m. on January 17, involving a $1,096,109 bet on a new token called $Trump. This trade took place just minutes after the soon-to-be president of the united states announced the launch of the cryptocurrency on social media, leading to a rapid increase in its value.
- $1.1 million bet on $Trump cryptocurrency
- Early trader profited $109 million
- Over 810,000 wallets incurred losses
- Total losses exceed $2 billion
- Trumps earned nearly $100 million in fees
- $Trump price fell to $17 from $75
The trade was executed by an unidentified crypto wallet, which acquired 5,971,750 tokens at an initial price of 18 cents each. The price surged to $75 per token shortly thereafter, resulting in substantial profits for early traders, while many slower investors faced losses exceeding $2 billion.
The launch of the $Trump cryptocurrency has drawn significant attention due to its rapid price fluctuations. Shortly after the token was introduced, a wallet with the ID 6QSc2Cx purchased nearly 6 million tokens, leading to a spike in price. This initial surge allowed the early trader to potentially earn up to $109 million within two days.
However, the swift profits for early investors came at a steep cost for many others. Over 810,000 wallets reportedly experienced losses, with total losses estimated to exceed $2 billion. This figure does not account for transactions on various crypto markets that began trading the token after its price had already escalated.
- Initial price per $Trump token: 18 cents.
- Peak price reached: $75 per token.
- Estimated trading fees earned by the Trump family: nearly $100 million.
As of mid-week, the price of $Trump had stabilized around $17, significantly lower than its peak value. While early traders capitalized on the volatility, the broader market dynamics have left many investors facing substantial losses. The trading activity has generated considerable revenue for the Trump family and their partners, with most fees not yet cashed out.
The $Trump cryptocurrency’s launch illustrates the potential for rapid gains in the crypto market, but it also highlights the risks involved for later investors. As the price continues to fluctuate, the impact on both early and late traders remains a critical concern.
