A TRUMP crypto whale extended its overall losses to over $15 million as the PolitiFi token crashed roughly 10% this Friday. On-chain metrics indicated that the whale recently sold 743,947 tokens, worth almost $8 million, amid an ongoing price slump. This trade maneuver is what slammed the whale’s total losses to over $15 million with the token.
TRUMP Crypto Whale Dumps Heavily Amid Sluggish Price Action
According to an X post by Lookonchain on March 28, a TRUMP crypto whale sold $7.92 million worth of coins in the past 24 hours. This trade maneuver presented the trader with a severe $3.3 million loss. Meanwhile, it’s noteworthy that the selloff occurred at an average price of $10.66.
Further, data suggested that this whale only profited on his first trade with the PolitiFi token. All other trades made subsequently brought losses to a total of $15.7 million.
TRUMP Coin: A Fall From Grace
The U.S. President-themed token gained significant traction across the market promptly after its inception. The PolitiFi token saw its price rise from $8 level to $74 within a week of its launch, securing a prominent spot on crypto traders’ radars.
However, the buzz was short-lived as the TRUMP crypto’s price crashed to a $10 level to date. As of press time, TRUMP price cracked 9% intraday and exchanged hands at $10.35. The PolitiFi token slammed nearly 20% over the past month.
Overall, the broader waning action appears to have prompted the whale’s selloff. Meanwhile, market watchers reflect a cautious approach as the dumps signal a loss of confidence in the asset’s future potential.
Can TRUMP Price Recover?
It’s worth mentioning that a recovery to previous highs remains highly questionable, given the current market scenario. Nevertheless, a renowned market analyst has recently conveyed a highly bullish outlook for the coin’s future price action.
Analyst Crypto Gems on X revealed that the crypto’s price chart shows a double bottom pattern, whilst the potential for a bullish reversal also persists. The next price target for TRUMP crypto remains at $13, per the analyst. A sustained break above this level could fuel a rally to $18 or even $25.
Nevertheless, a trading session above $50 and near previous highs remains out of the question as the token even slipped from one of the top cryptos by market cap to 45th.
Additionally, a recent TRUMP price prediction by CoinGape revealed that the 3-month bias indicator remains 61% in favor of bears. This stat added to market concerns surrounding the coin’s future price prospects.
Nevertheless, as Donald Trump continues to usher pro-crypto movers in the U.S., market watchers anticipate some relief in price movements ahead. Notably, TRUMP price previously rallied 10% in just a day, CoinGape reported last week. However, the token failed to sustain this bullish movement, only adding to investor concerns.
The post TRUMP Crypto Whale Incurs Massive $15M Loss Amid Price Slump, Here’s How appeared first on CoinGape.
