A trader missed making millions in profit due to the premature selling of Official Trump (CRYPTO: TRUMP) tokens ahead of a bullish announcement on Wednesday.
What Happened: The investor sold all their 630,339 TRUMP, worth $5.48 million, just before the announcement of an exclusive dinner date with President Donald Trump for the token’s biggest holders, according to Lookonchain.
The trader offloaded the tokens at $8.7 each, making a profit of around $483,000. However, had the trader waited until the announcement, his profit would have been over $4.5 million.
Meanwhile, frantic trading activity was observed for the high-profile token. A whale investor bought $5 million worth of TRUMP as the price began to rise and sold it all in less than 30 minutes for $5.73 million, netting $731,800.
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Why It Matters: The dinner, scheduled for May 22, is to be held at Trump National Golf Club in Washington, D.C., and is limited to the top 220 holders of the TRUMP token.
The top holders will also be able to attend a VIP reception and tour the White House, as well as receive limited-edition commemorative non-fungible tokens on the Solana (CRYPTO: SOL) chain.
The memecoin surged as much as 65% on the news before tapering by late evening. The team behind the token clarified that Trump will be a guest at the event but will not be involved in fundraising or investment solicitation.
Price Action: At the time of writing, TRUMP was exchanging hands at $12.64, up 37% in the last 24 hours, according to data from Benzinga Pro. It rose to become the fourth-largest meme coin by market capitalization.
Photo Courtesy: Jonah Elkowitz on Shutterstock.com
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
