The market cycleโs FOMO is tackling seasonal heights, as some major players, popularly known as crypto whales, have applied a buy high sell low strategy on their investments. Just a few days back, blockchain intelligence platforms rang the alarm about one TRUMP coin whale selling a hefty amount of the United States President-flavored meme coin.
TRUMP Coin Whale Caves In To FOMO
5 days ago, one major Official Trump (TRUMP) investor sold off all of their 630,339 TRUMP coins for $5.48 million, at an approximate price of $8.7. The mistimed deed resulted in a $4.5 million deficit in unreleased gains, as per LookOnChain stats. On a brighter note, the trader still made an all-time profit of $483K, but what happened next has caught market watchers off guard.
The crypto whale in question came back with a larger appetite after missing out on Donald Trumpโs memecoin fan dinner announcement, which has boosted the PolitiFi coin 88% in a week to regain the $15 mark. A few days after prematurely selling off all of their TRUMP coins, the same crypto wallet stormed back in to buy 337K tokens back at $15.39.
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The spotted crypto whale acquisition happened nearly at the 7-day high for TRUMP coin, which topped at $15.47 on Monday, now trading 14 cents below the milestone. At present, this TRUMP coin believer is down 3.38% on their holdings, valued at $4.93 million, according to real-time stats from blockchain analytics platform Arkham Intelligence.
On The Flipside
- On the technical side, indicators like the Chaikin Money Flow (CMF) hinted at growing buying sentiment among large investors, hovering well above zero.
- Additionally, the Stochastic Relative Strength Index (StochRSI) constituted a clearly oversold position as the TRUMP coin was changing hands at $14.62.
Why This Matters
Tracing multi-million movements of large crypto players, otherwise known as whales, portrays the psychological side behind crypto trading. In this case, fear of missing out (FOMO) might have resulted in a spontaneous decision, despite several on-chain signals pointing to the bullish direction.
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