Whale Investor Makes $5 Million Purchase of Official Trump Coin After President's Remarks

On Tuesday, a significant move in the cryptocurrency world raised eyebrows when a trader purchased over $5 million worth of Official Trump (CRYPTO: TRUMP) memecoin shortly after President Donald Trump mentioned he knows little about the coin.

What Happened: In a post on X, the capital markets commentator The Kobeissi Letter highlighted the unusual activity following the President's initial comments on his official coin. The analysis noticed that the value of TRUMP dropped over 33% just three minutes after Trump's remarks, creating a moment of concern for many investors.

At that precise low point, a single wallet took the opportunity to buy $5.09 million worth of TRUMP, which The Kobeissi Letter described as one of the largest single purchases in the coin's history since its launch.

This swift action seemed to benefit the trader, as within 14 minutes, the price of TRUMP rebounded, allowing the investor to gain a profit of $2.4 million. The unexpected timing of the purchase led to suspicions, with The Kobeissi Letter questioning whether insider information might have played a role. "Did someone know?" it speculated.

The analysis was supported by data from the analytics platform DEX Screener and confirmed by other sources. The team behind Trump’s memecoin did not respond to requests for comment on this issue.

Importance of the Event: During his first official statement regarding the coin, Trump appeared nonchalant. He remarked, "I don't know much about it other than I launched it. I heard it was very successful. I haven't checked where it is today." This comment made during a White House press conference might have contributed to the market uncertainty.

When a reporter noted that Trump had potentially made "several billion dollars" from the venture, Trump downplayed the success, calling it “peanuts.” This statement raises further questions about his connection to the coin.

According to the official website dedicated to the coin, 80% of its total supply is controlled by entities associated with Trump’s family business, The Trump Organization.

Current Market Status: As of now, the price of TRUMP is around $43.13, marking a 20.53% increase in the past 24 hours according to DEX Screener data.

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Image via Shutterstock.

investor, Trump, memecoin