Crypto Trader Loses $24M With TRUMP as Solana Price Crashes 12%

Pooja Khardia
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Crypto Trader Loses $24M With TRUMP as Solana Price Crashes 12%

Highlights

  • A crypto trader lost $24M in a single swap while exchanging TRUMP tokens for USDC amid the Solana price crash.
  • The same trader was bearing millions in profits earlier, but the volatility in TRUMP token's case result in massive losses.
  • The entire market turned turbulent with the Bitcoin and meme coins downturn and investors' sentiments dropping toward extreme fear.

The crypto market is witnessing another major wave of volatility today, with meme coins, altcoins like Solana, and even Bitcoin prices taking a major hit. Amid these declines and massive liquidation, a crypto trader lost $24M while swapping TRUMP tokens for USDC. In just a single transaction, the trader went from profits to losses. Let’s discuss how this happened.

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Crypto Trader Loses $24M in a Single Swap on TRUMP Token

On-chain analytics platform Lookonchain X post revealed that a crypto trader had borne a $24M loss on the TRUMP token amid the Solana price crash. This happened as the trader swapped 763,582.605387 TRUMP for 9,483,807.865662 USDC, bearing heavy losses as the initial investment was $33.9M.

Interestingly, the same crypto whale has engaged in several trades on this US President’s meme coin and even earned significant profits. The whale earned $11.8M earlier, so this swap seems part of the plan to liquidate the holdings due to the crypto market crash.

Crypto Trader

Surprisingly, many other crypto investors are in the same boat and following a similar trajectory. Many crypto whales have begun mass-dumping their TRUMP and MELANIA tokens after their poor performance, impacting the broader market.

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Solana Price Plummets 12% Alongside Global Market Crash

Solana is among the top cryptos to buy in the market and has performed impressively over the years, including in terms of adoption. However, the SOL token’s performance has been disappointing for some time, as it stalled and failed to cover the consolidation.

Even now, the SOL price has crashed 12% as the Solana meme coins and the rest of the cryptos struggle. The entire crypto market is experiencing a significant downturn: Bitcoin dropped to $91.5k, DOGE dropped to $0.23, and the TRUMP meme coin price dropped 14% to $13.03. However, the bigger reason for the SOL token’s downtrend is the upcoming 11.2M SOL unlocks worth $1.7M on March 1 due to the FTX repayment plan.

Solana currently trades at $140.47, with a market capitalization of $69.57B, also down significantly. However, its trading volume is up 219% to $8.68B, indicating increased network activity.

Solana price

Analyzing this with the Coinglass report reveals that whales and long-term holders are moving their holdings from exchange wallets, possibly hinting at accumulation.

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Final Thoughts: Crypto Trader’s $24M Loss Journey

The crypto market is quite unpredictable and depends on various factors, but the volatility could bring a crash like today’s. With meme coins like TRUMP and others failing to overcome their losses, the entire market has moved to extreme fear. Its impact is clearly visible in the aforementioned crypto trader and the $24M loss.

Another significant point to note is the impact of these meme coins’ decline on the Solana price performance, which has lost 12% of its value in the last 24 hours and 20% over the past week.

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Frequently Asked Questions (FAQs)

1. How did a single swap cost this crypto trader $24M?

The crypto trader swapped 763.5K TRUMP tokens for 9.48M USDC, resulting in the $24M loss, as the initial investment was $33.9M.

2. Why is Solana's price crashing today?

Amid the crypto market crash, Solana's price declined 12% as investors' sentiments turned toward extreme fear.

3. What impact has the meme coin decline had on the crypto market?

The meme coins category has struggled with massive sell-offs and losses for weeks. The continuity of events triggered extreme fear, which contributed to volatility.
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Pooja Khardia is a seasoned crypto content writer with 6+ years of experience in writing, including in blockchain, cryptocurrency, DeFi, and digital finance reporting. In her adventure journey, she is currently working with CoinGape Media and leading their Trending Section. Here, she uses her expertise to deliver analytics, market insights, price predictions, and information on what’s trending in the crypto space, aiming to keep the crypto and web3 community updated with market trends and important insights. Known for a user-centric and straightforward writing style, Pooja is passionate about making crypto easy and accessible. Her writing blends market research with storytelling, helping readers stay ahead in a fast-paced industry. When not behind the keyboard, Pooja embraces her creative side through drawing and crafting. Connect with Pooja on LinkedIn or X.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.