Lots of people lost money on Official Trump, the meme coin launched by the president, even over the recent period where it almost doubled in value.
The latest: Since Fight Fight Fight Inc., announced a contest for the largest holders of the Trump token to have dinner with President Trump, almost $300 million has flowed into the token, according to Nansen, an on-chain wallet tracking platform.
Over the same period, over $21 million worth of losses were realized, far outweighing gains made by traders who took advantage of the uptick in the token's price since the announcement.
Not-so-fun fact: There are 21 million bitcoins (some still unmined), and the Trump dinner is on Bitcoin Pizza Day.
So that figure for realized losses is a bit painfully elegant.
Zoom out: Official Trump was trading in the $7 range before the contest, but it went up to nearly $16 while it was ongoing.
That's still far below prices in the beginning, when most novice traders got in.
💠Our thought bubble: It looks like lots of those early buyers saw that the gains during the dinner contest weren't enough to get them out of the red and gave up.
Only 13 wallets that Nansen tracks as "smart money" still hold the token, as of yesterday's report.
