Crypto Trader Lost $1.76M on LIBRA, After Making Millions in Profit on TRUMP
The crypto trader lost over $2 million from his initial profits on MELANIA and LIBRA
Key Points
- The crypto trader lost twice trading LIBRA, totaling over $1.7 million in losses.
- LIBRA was in the spotlight following a huge crash and initial support from Argentina’s President.
On-chain data shows how a crypto trader made substantial profits on TRUMP but managed to lose a significant amount trading MELANIA and LIBRA memecoins afterward. Here are the available details.
Trader Makes Huge Profits on TRUMP, Records Losses Trading MELANIA and LIBRA
According to new notes from Lookonchain, a crypto trader made $7.32 million on TRUMP, the memecoin launched by US President Donald Trump in January.
The same data notes that MELANIA, Trump’s wife’s memecoin launched immediately after TRUMP, caused the trader to lose $617,000.
Lookonchain noted that the trader’s bad luck continued as he also lost $1.76 million trading LIBRA – the controversial memecoin launched last week, with Argentina’s President, Javier Milei, initial support.
It seems that the trader lost twice trading LIBRA. On-chain data shows that three days ago, he spent $1.7 million to buy the memecoin and sold it for $136,000, losing around $1.56 million.
After Javier Milei retweeted a post on how to buy the memecoin, the crypto trader spent $300,000 to buy LIBRA again and lost $200,000, according to Lookonchain notes.
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TRUMP memecoin is down by over 5% today, while LIBRA is down by around 17% for the day.
The LIBRA Memecoin Chaos
The LIBRA memecoin launched last week created a huge scandal in the crypto industry. The coin was launched with initial support from Javier Milei, Argentina’s President. Quickly after launch, LIBRA lost over $4.4 billion in market cap, causing a lot of people to lose massive amounts of money, while insiders made millions.
Milei deleted his initial tweet promoting the project, and saying that he was not aware of all its details. Also, the Presidential office released an official statement saying that it would debut an investigation into the LIBRA project which shook the entire market.
More than that, yesterday, Argentina’s main stock index dropped by over 3% following the LIBRA chaos.
The LIBRA project is surrounded by a lot of controversy, including data that hints at the fact that its creator was also an insider of MELANIA memecoin project and more.
Amidst all the chaos, Milei shared a post yesterday on how to buy the token, and while some voices said that he continues to promote it, he might have shared the post to highlight the complexity of the buying process.
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The whole LIBRA saga led a lot of names in the crypto industry to criticize such moves made especially by important political figures who are using memecoins to extract value, while leaving the community behind, instead of creating, building, and innovating in Web3.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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