As an experienced analyst who has witnessed the rise and fall of countless cryptocurrencies, I must say that this latest episode with RTR is a stark reminder of the wild, unpredictable nature of the crypto market. The whale’s $900,000 loss in just four hours is a cautionary tale for all investors, especially those who let FOMO drive their decisions.
A significant investor (referred to as a ‘cryptocurrency whale’) has incurred approximately $900,000 in losses by trading a meme-based cryptocurrency over a span of four hours. This financial setback occurred after they invested around 5,800 SOL, equivalent to roughly $916,000, to purchase shares in the Trump-inspired cryptocurrency called Restore the Republic ($RTR).
Based on data from crypto analytics firm Lookonchain, it appears that a large investor (often referred to as a ‘whale’) purchased approximately 7.2 million RTR tokens at the highest price due to fear of missing out. However, following a sharp decline in the cryptocurrency’s value, they decided to sell their entire holding. This sale yielded only around 113.3 SOL, equivalent to roughly $18,000. As a result, they incurred a significant loss, amounting to approximately $898,500.
Please don’t #FOMO buy #MEMEcoins!This guy lost 5,687 $SOL($898.5K) on $RTR in just 4 hours!He spent 5,800 $SOL($916.4K) to buy 7.2M $RTR at the highest price point due to #FOMO, and sold all for only 113.3 $SOL($18K) after the price crashed, losing $SOL($898.5K)!… — Lookonchain (@lookonchain) August 8, 2024
According to CryptoGlobe’s report, the token’s value dropped dramatically by an astonishing 95% following Eric Trump, son of presidential candidate Donald Trump, denying any connection between the token and the family.
In reaction to a previously removed tweet on the social media site once known as Twitter, originating from the account of the Students for Trump leader Ryan Fournier, came a denial. This denial aimed to clarify that the organization was not officially endorsed by the presidential contender.
The price drop was observed for the token that had previously peaked significantly over $0.15 but currently trades at almost zero value and minimal transaction volume, indicating waning trader enthusiasm.
Significantly, it appears that creators of the cryptocurrency amassed approximately $5 million within a six-hour span, prior to the denial being released. This event caused the value of RTR to dramatically decrease.
As an analyst, I’ve observed that the current cryptocurrency in question isn’t my first encounter with a digital currency that can be traced back to President Trump and experienced a significant price drop. In fact, a previous cryptocurrency known as TrumpCoin (DJT) also suffered a staggering 95% decline during a recent turbulence in the cryptocurrency market.
Previously, the Ethereum token MAGA experienced a rapid increase. This rise was followed by the unsuccessful attempt on the life of the former U.S. President, which led to speculation about his potential re-election prospects briefly reaching new heights.
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2024-08-14 01:21