A crypto dealer has reportedly suffered a staggering lack of $15.68 million after buying and selling the official memecoin of First Woman Melania Trump.
What Occurred: The blockchain monitoring agency Lookonchain disclosed that the dealer bought practically 14 million MELANIA MELANIA/USD final month for roughly $30 million, solely to promote off all his holdings this week at a lack of $15.68 million.
One other dealer additionally suffered a lack of $3.73 million on his MELANIA commerce this week, in accordance with Lookonchain’s report.
The MELANIA memecoin is at present buying and selling for $0.85, down 93.5% from its all-time excessive of $13.05, which it hit on January twentieth, a day after launching.
Additionally Learn: Suppose Tank Requires DOJ Probe Into TRUMP Meme Coin Over Potential Anti-Bribery Violations
Lookonchain additionally reported {that a} dealer liquidated his place within the TRUMP TRUMP/USD Memecoin this week at a loss of $24.4 million. The TRUMP Memecoin, launched by President Donald Trump simply days earlier than his inauguration, is now buying and selling at $12.60, down 83% from its all-time excessive worth of $73.43.
Why It Issues: This large loss for merchants comes amidst a proposed laws by freshman Rep. Sam Liccardo (D-Calif.). Liccardo is proposing the Fashionable Emoluments and Malfeasance Enforcement (MEME) Act, geared toward stopping lawmakers from profiting off meme belongings.
This proposed act seems to be focused at Trump, who has profited off TRUMP regardless of the meme asset having misplaced billions in worth after launching earlier this yr.
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