Man "Loses" N1.5bn on Trump Meme Coin after Price Briefly Dumped, his Futures Position Liquidated
- A man who caught the euphoria of Trump coin said he placed $1m (N1,559,520,000) long on the meme crypto when the price was above $60
- Though some people doubted he used such an amount for a long position, others wondered why he took such a high risk
- A few hours after the man longed the Trump coin on Sunday, January 19, the price crashed briefly
The crypto market took an interesting turn over the weekend after Donald Trump launched its meme coin on Solana blockchain on Saturday, January 18.
When the incoming US president posted about it on his official X page, many people thought his account had been hacked.
Source: Getty Images
Trump coin price
Within 24 hours of launching the coin, Trump's market cap hit over 10 billion, and several tier 1 exchanges, like Binance, listed it for trading.
As euphoria followed the coin hitting an all-time high of $77 on Binance, a man decided to open a $1m (N1,559,520,000) position, betting the price would soar.
He (@lynk0x) posted about it, saying his liquidation point is $33.
The man hoped to make $4.1m if the price of the Trump coin reached $90. Hours after he tweeted, the price crashed.
Futures trading of Trump coin
On most CEX (centralised exchanges), the price dumped to around $35. A Phantom wallet chart showed the price went to $32.42, liquidating the man's long.
The man came back with another post, showing that he had lost all his $1m in the long. As at the time of writing this report, the coin's price was $57.25 on Binance.
In a separate tweet, the man stated:
"Reality is that i will be fine. Even though i lost on this trade. My spot holdings still doing well. Only gamble with money you can afford to lose."
See his post below:
Legit.ng compiled some of the reactions below:
@ramenS001 asked:
"What platform are you longing trump on?"
He replied:
"Hyperliquid."
@1Raynfall said:
"Losing 1m because of a "pro crypto" president is nuts."
@bikatr7 said:
"Bro lost at least 1 million dollars opening a long on a shitcoin."
@BigMooseCrypto said:
"Gut punch. This didn't age well."
@rickhouse_Bob said:
"If this was somebody’s real trade they just lost $1 million on $TRUMP."
@jrdnwaldenville said:
"This has to be the worst timed trade/post of all time."
@AgainstDems said:
"Now foreigners with cartoon NFTs are baiting people and pretending to be buying $TRUMP."
@KingBreeze0 said:
"The brokest person alive currently."
@Davy10111 said:
"This was the retail fomo/mentality this weekend,, everyone thought they were invi1ncible, cant loose. Huge liquidation wicks incoming!"
@0xC4t said:
"Who has @lynk0x phone number.. someone should prob do a wellness check."
@Yu_ceee said:
"Aged horribly."
Man lost on PEPE long
Meanwhile, Legit.ng earlier reported that a crypto trader faced his worst nightmare trading futures without risk management, losing $1.14m on Binance.
With the hope that BTC may go higher, considering its halving in less than a week, a man put all his net worth into trading an altcoin called PEPE.
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Source: Legit.ng
