Melania Trump's Token Price Soars Thanks to Bitcoin Whale

Happycoin.club - The token of US President Donald Trump's wife Melania Trump Official Melania Meme (MELANIA) has skyrocketed thanks to a giant bitcoin whale.

On March 16, a wealthy trader whose identity is still unknown opened a short position to buy $370 million worth of BTC using a massive 40x leverage. The same fat cat then went long by buying $2.5 million worth of MELANIA coins with 5X leverage.

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MELANIA Rate Rise and Fall

The opening of these positions by the crypto whale means his forecast for a fall in the value of Bitcoin and an increase in the price of MELANIA. His short on BTC assumes profit-taking when the coin falls in price to $69,414 and $58,664, and the position will be liquidated if the cryptocurrency rises in price to $85,593 (by 2.2% from the current figure). The trader will close the long on MELANIA, on the contrary, in the event of a fall in the coin rate and will fix the profit if the memecoin rises significantly in price.

Crypto whale trades

The trader's trading operations caused serious disruptions in the MELANIA cryptocurrency market. First, its price rose sharply by 16%, and then just as quickly fell by more than 9%. The powerful amplitude of the meme token's rate fluctuations can be explained by the small trading volume, which amounted to $38 million over the past 24 hours. That is, the crypto whale accounted for 6.6% of the coins purchased.