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.
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.
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.
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.
Analyzing this with the Coinglass report reveals that whales and long-term holders are moving their holdings from exchange wallets, possibly hinting at accumulation.
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.
The post Crypto Trader Loses $24M With TRUMP as Solana Price Crashes 12% appeared first on CoinGape.
