Written by: Bu Shuqing
Source: Wall Street Journal
On the second day after Trump took office as the 47th President of the United States, related concept assets fell sharply. The share price of Trump Media & Technology Group (TMTG), the parent company of the social media platform Truth Social, fell 11% on Tuesday, and the so-called "Trump Coin" plummeted more than 40% from its peak.
However, when asked on Tuesday afternoon local time, Trump said: " I don't know much about it other than I issued it. I heard it was very successful, and I haven't checked it out yet. " Influenced by this remark, Trump Coin once plunged, but has now recovered some of its lost ground, and has still accumulated an increase of more than 20% in the past 24 hours.
Trumpcoin reached a record high of $75.35 after its launch, while MeMecoin, launched by Melania Trump on the same day, also reached a high of $13.73. Although both fell sharply on Tuesday, investors who bought early and sold near the highs still made considerable profits.
Early data from analytics firm Nansen showed that as of midday Monday, many of the largest Trumpcoin holders (those with investments of more than $20 million) were selling their coins and taking profits . One investor with more than $52 million worth of Trumpcoin sold his entire position at one point, earning a 91% return on his investment.
Of the 15 largest holders, about 33% had exited completely as of midday Monday. The rest sold most of their positions, but in smaller amounts. The exception is a large shareholder with a $32 million position who has not sold yet.
According to Nansen data, investors who have gained more than 10,000% have positions of varying sizes, ranging from $1,400 to nearly $2.4 million. The highest gainer has almost 19,000% and holds a position worth $270,000, and still holds 54% of the position as of midday Monday .
Some people made a lot of money, while others lost everything. One investor completely exited his position after losing 36%, losing more than $3.5 million, and another wallet sold out after losing 41%, losing nearly $2 million.
