A crypto trader has reportedly suffered a staggering loss of $15.68 million after trading the official memecoin of First Lady Melania Trump.
What Happened: The blockchain tracking firm Lookonchain disclosed that the trader purchased nearly 14 million MELANIA (CRYPTO: MELANIA) last month for approximately $30 million, only to sell off all his holdings this week at a loss of $15.68 million.
Another trader also suffered a loss of $3.73 million on his MELANIA trade this week, according to Lookonchain’s report.
The MELANIA memecoin is currently trading for $0.85, down 93.5% from its all-time high of $13.05, which it hit on January 20th, a day after launching.
Also Read: Think Tank Calls for DOJ Probe Into TRUMP Meme Coin Over Possible Anti-Bribery Violations
Lookonchain also reported that a trader liquidated his position in the TRUMP (CRYPTO: TRUMP) Memecoin this week at a loss of $24.4 million. The TRUMP Memecoin, launched by President Donald Trump just days before his inauguration, is now trading at $12.60, down 83% from its all-time high price of $73.43.
Why It Matters: This massive loss for traders comes amidst a proposed legislation by freshman Rep. Sam Liccardo (D-Calif.). Liccardo is proposing the Modern Emoluments and Malfeasance Enforcement (MEME) Act, aimed at preventing lawmakers from profiting off meme assets.
This proposed act appears to be targeted at Trump, who has profited off TRUMP despite the meme asset having lost billions in value after launching earlier this year.
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