Sickle reaping? After inauguration, Trump's "stock and crypto plunge," while early winners cashed out and left
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Sickle reaping? After inauguration, Trump's "stock and crypto plunge," while early winners cashed out and left
On the day after Trump took office as president, shares of Trump Media & Technology Group (TMTG) plunged 11%, while "Trump Coin" dropped more than 40% from its peak.
Navigating Web3 tides with focused insightsBy Bu Shuqing, Wall Street Insights
On the second day after Donald Trump took office as the 47th U.S. President, related concept assets plunged sharply. Shares of Trump Media & Technology Group (TMTG), the parent company of the social media platform Truth Social, fell 11% on Tuesday, while the so-called "Trump coin" dropped more than 40% from its peak.
However, when asked about it on Tuesday afternoon local time, Trump said: "Other than that I issued it, I know very little about it. I heard it was very successful—I haven't checked yet." Following these remarks, the Trump coin briefly tumbled but later recovered some losses, still up over 20% in the past 24 hours.
The "Trump coin" once reached a record high of $75.35, while Melania Trump's MeMe coin launched the same day briefly hit $13.73. Although both sharply declined on Tuesday, early investors who bought in and sold near the peak still achieved substantial profits.
Early data from analytics firm Nansen showed that by noon Monday, many of the largest holders of the Trump coin—those who invested over $20 million—were selling and taking profits. One investor holding over $52 million worth of Trump coin had at one point sold their entire position, achieving a 91% return on investment.
Among the top 15 largest holders, about 33% had completely exited their positions by noon Monday. The rest sold most of their holdings, though with smaller position sizes. An exception was a major shareholder with a $32 million stake, who had not yet sold.
According to Nansen’s data, investors who earned over 10,000% returns held varying position sizes, ranging from a minimum of $1,400 to nearly $2.4 million. The highest-earning holder achieved nearly a 19,000% return, holding a $270,000 position and still retaining 54% of it by noon Monday.
While some reaped massive gains, others suffered heavy losses. One investor fully exited their position after losing 36%, amounting to over $3.5 million in losses. Another wallet was dumped after a 41% loss, resulting in nearly $2 million in losses.
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