A high-stakes crypto trader recently reversed course on a significant TRUMP meme coin investment, repurchasing a large block of tokens after an earlier sale proved notably ill-timed and costly.
The investor initially sold 630,000 TRUMP tokens at a price of $8.70 per token. However, analysis from on-chain observers like Ember CN revealed the same trader later reacquired 337,000 TRUMP tokens, spending 5.196 million USDC stablecoins for an average price of $15.39 per token – nearly double their exit point.
This expensive re-entry followed the trader’s decision to sell just 20 hours before an announcement regarding a dinner event with former President Trump, which subsequently caused the token’s value to climb significantly.
“He missed the explosive surge after the dinner plan was announced. Today, he got back in at $15.39,” Ember CN highlighted. The unfortunate timing of the original sale resulted in approximately $3.8 million in unrealized profits as the price spiked shortly after their exit.
The catalyst for the surge was the promise that the top 220 TRUMP token holders would gain entry to an exclusive dinner with the former president in Washington, D.C., on May 22. This news positively influenced the token’s price but also generated scrutiny from Democratic lawmakers.
Competition for these exclusive invitations intensified, as reflected on the official TRUMP leaderboard. Data showed the top holder possessing over 1.22 million tokens, with the second-largest holding around 1.19 million. Managing holdings effectively requires understanding how crypto wallets work.
Meanwhile, the token’s sharp movements prompted portfolio restructuring among other traders. Blockchain analytics platform Lookonchain reported a successful instance where a trader converted their entire 1.18 million Fartcoin holdings (valued at roughly $1.22 million) into 78,671 TRUMP tokens.
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While the TRUMP token experienced a near 90% jump after the dinner announcement, it’s crucial to note the digital asset still trades about 80% below its all-time high of $73. The prospect of access to the former president continues to drive holding behavior as investors compete for leaderboard rank.