Breaking: Trump Coin Amasses A Total Of 2 Billion Dollars Worth Of Loss Across 810,000 Wallets

POTUS Donald Trump has been making headlines ever since he came in power. Firstly, he announced that his administration would be more crypto-friendly. As a result, he restructured the SEC to be more conducive to the crypto landscape. Subsequently, he announced a new set of trade tariffs on nations and specific materials. This catapulted the financial world into a chaotic whirlwind, leading to 10 billion USD liquidation in digital assets. However, the most interesting aspect of the whole deal was the release of a token made after Trump himself. 

The news of the all-new token was shared by the Man himself on January 17th. Trump took to social media to release news about a coin named after his family. The currency was named $Trump and took the digital asset world by storm. The news spread like wildfire, and people acquired the asset in bulk. In just minutes of release, a crypto wallet with identification code 6QSc2Cx acquired 5,971,750 Trump coins for 18 cents. This whaling activity tipped the scale for a price hike, and soon, the price reached close to $75.  

The Turning Point: Late Investors Losing Money 

As per an analysis by the New York Times, this early bird turned his whaling into a sweet profit of $109 million. However, this was only true for first traders. Most traders who manage to make profits have addresses in China. However, things were completely different for slower investors. As a result, small-scale or slow investors suffered a cumulative loss of around $2 billion, as reported by the New York Times. 

Chainanalysis, a crypto forensic firm, compiled data for the New York Times and found that more than ‘810,000 wallets had lost money on the bet’. However, other sources suggest that the true scale of losses is much higher. The compiled data had a lot of discrepancies as it did not factor in all the crypto exchanges.  

Currently, the overall price of the coin is hovering at around $17, which is considerably lower than $75. Regardless of the profit and loss, the Trumps walked away 100 million USD richer. However, sources suggest that the money is not cashed out yet. Follow for more crypto news.