Mysterious trader sells at $398K loss ahead of Trump's Mar-a-Lago gala
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Three days prior to his second presidential inauguration on Jan. 17, 2025, U.S. President Donald Trump launched the eponymous meme coin.
The Official Trump (TRUMP) coin surged over 300% to reach the record high price of $73.43 on Jan. 19, 2025, but it declined drastically in the following months.
Related: What are meme coins? Explained
Since then, the token has failed to recover despite modest spikes at times. But holding these coins still has a benefit: users with large TRUMP holdings can meet the president.
On Apr. 25, Trump is scheduled to host a gala luncheon at his Mar-a-Lago estate in Palm Beach, Florida.
As per the website, users need to hold TRUMP from March 12 through Apr. 14, 12 PM EST, to establish their time-weighted average holdings to qualify to be invited to the luncheon.
After the holding period ends, the top 297 holders of the TRUMP meme coin will be invited to the gala.
In fact, the top 29 holders will be invited to a special VIP reception and champagne toast with Trump.
It will be an all-day event starting at 8:30 AM EST, and invitees are required to wear business attire.
Veteran investor Tim Draper, Tether CEO Paolo Ardoino, ARK Invest CEO Cathie Wood, real estate tycoon Grant Cardone, Bitcoiner Anthony Pompliano, and ex-boxer Mike Tyson are among the top shots these invitees could get to meet.
However, one top holder has decided to sell holdings ahead of the luncheon.
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Whale sells TRUMP tokens at $398K loss ahead of luncheon
On Apr. 24, a whale account sold 2.2 million TRUMP tokens worth $6.29 million.
The user bought these tokens for $6.69 million a month ago but decided to get rid of these tokens for a loss of $398,000, as per Lookonchain.
Though TRUMP jumped to $4.34 in mid-March following the gala announcement, it is exchanging hands at $2.90 at the time of writing.
Related: Trump's Mar-a-Lago gala on Apr. 25 could clash with correspondents’ dinner
