Back in April this year, Trump’s team announced this contest where anyone holding the most $TRUMP tokens(his own meme coin) in a visible crypto wallet during a certain time could win a dinner at Trump’s golf club in Virginia. Not just any dinner, a VIP gala with Trump himself. Well, you can imagine how quickly people rushed to buy up the coins. The price went up straight from about $9 to over $15 just because of that announcement. TBH I would have considered that deal if not for two reasons: one it's a meme coin and two, thete the heck am I going to get the money enough to compete with the millionaires and billionaires. I doubt I'm even a "hundrednaire" hahaha. That's not funny.
Anyway, once the contest window closed on May 12 and the winners were confirmed, a lot of these traders immediately started getting rid of their tokens, even though the contest had told them to “Hold Big Hold Strong.” It turns out that out of the 25 big winners, 16 no longer have any $TRUMP coins in their wallets.
I guess loyalty ends when the profits roll in.
And oh yes there were some good profits for smart traders. One account called “Woo” might’ve made around $2.6 million, while another, “NACH”, possibly made about $52,000 as recorded by the Financial times.
But not everyone came out with a profit obviously. You see, when ever someone gains a lot in this type of market, it means someone or some people lost a lot to that winner. Money doesn't come out of thin air, so it's those who bought at the top and sold at the bottom that made the few winners rich. One account, called “SUN”, bought around 800,000 coins when they were crazy expensive and based on the dip, could be sitting on a $66 million loss now. People suspect it belongs to a big crypto investor named Justin Sun, though he hasn’t confirmed it. If it's his account then I wouldn't worry so much since he even has millions to spare on a banana art worth 6 million dollars. And he ate it. Like really? That story made me question all my financial decisions in life. Haha.
The point I'm driving here is this: meme coins are a gamble, regardless of what you tell me. Even worse is when it belongs to a figure or a celebrity where it can easily be manipulated with a tweet. If you're a trader and you're smart enough to make money out of them, well good luck to you, but my advice to especially the newbies in crypto is know that the highest risk comes with both high rewards and high losses. If you're feeling lucky jump, but know it's no different from Vegas.
Thanks for reading to the end. I'm Ricky, and I enjoy sharing my views. If you appreciate what I do and want to support me, join me as I build a long-term stake on Hive. Give this blog a sweet upvote, and my future self will thank you for it. Best wishes!