Large investors were dumping Official Melania (CRYPTO: MELANIA) at massive losses, as the meme coin launched by First Lady Melania Trump traded 93% below its all-time high. What happened: Two notable loss-making whale transactions were discovered by on-chain data tracking firm Lookonchain on Tuesday One of the investors purchased 13.
On-chain data revealed suspicious transactions on wallets linked to MELANIA and LIBRA insider teams. The Trump-related team allegedly spent $2.76 million to buy POPE and then sold it at a $2.73 million loss.
Donald Trump’s cryptocurrency, $Trump, has fallen sharply from its highest levels of $75, making investors cumulatively lose billions. Meanwhile, $Melania, launched by his wife and First Lady Melania Trump has also seen a sharp decline.
Bitcoin has hit its lowest price since November and is set for its biggest weekly fall in over two years, swept up in a sell-off in tech stocks at a time when a US$1.5-billion hack and doubts about US crypto policy has left industry sentiment fragile.
Bitcoin broke the 200-day simple moving average (SMA) for the first time since October after the apex cryptocurrency’s price dipped below $80,000. In early morning U.S. market hours, Bitcoin was down around 7% for the day,
The crypto market sees rising whale dumps for PolitiFi tokens TRUMP & MELANIA, raising market concerns of further bearish price action ahead.
Bitcoiners could be forgiven for blaming the rest of crypto for the bear move that took the price of BTC down more than 20% from a record high above $109,000 just five weeks ago to as low as $87,000 earlier on Tuesday.
LIBRA was released on Friday, sparking a now-deleted tweet of support from Argentina's President Javier Milei saying it would support small and mid-sized businesses in the country. His backtracking on the project prompted a 95% plunge in the token's value.
Following a series of meme coin collapses, it is time for influential politicians and policymakers to draw a bright line between "crypto" scams and bitcoin.