Whales Dump Melania Memecoin At Heavy Losses As Market Meltdown Wipes Out $12 Billion In Investor Wealth

Large investors were dumping Official Melania (CRYPTO: MELANIA) at massive losses, as the meme coin launched by First Lady Melania Trump traded 93% below its all-time high.

What happened: Two notable loss-making whale transactions were discovered by on-chain data tracking firm Lookonchain on Tuesday

One of the investors purchased 13.97 million MELANIA tokens for 30 million USD Coin (CRYPTO: USDC) a month ago, only to sell the stash for 14.32 million USDC on Monday, experiencing a loss of $15.68 million.

The other whale bagged 6.69 million MELANIAs for 10 million USDC more than three weeks ago and sold them for 6.27 million USDC over the past two days, losing $3.73 million. 

The sell-offs by whales, known for being large hoarders …

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