In less than two minutes, an anonymous trader lost 26,820 USDC after a false bullish signal on the TRUMP memcoin.
The user withdrew 504,820 USDC from cryptocurrency exchange Binance to buy TRUMP after the news about the coin. He then quickly sold the tokens because he realized that the news was fake, causing him to suffer serious losses.
Positive news about the TRUMP token appeared in an account on the social network X banned in Russia by the user Tier10k, who publishes news that really happens in the cryptocurrency industry. It later turned out that the post was made by hackers.
Nevertheless, the TRUMP memcoin went up 20% for a while, but literally the very next morning the price rolled back. It is now back under bearish pressure, which has intensified since Trump's inauguration.
Since January 21, TRUMP has lost about 80% of its value, which was also helped by the general decline in the crypto market. However, while cryptokits continue to buy bitcoin at a reduced price, memcoins have lost the former interest of investors.