Last month, Donald Trump announced a contest where participants who held the highest amount of the $TRUMP meme coin for a month would win a private dinner with the President at Trump National Golf Course. While many attendees spent nearly $394 million buying $TRUMP, analysis showed over half of the winners lost money on the contest wallets. However, some savvy traders used a strategy to profit: they bought $TRUMP coins to qualify but simultaneously shorted $TRUMP perpetual futures on separate wallets, enabling them to earn money if the coin’s value dropped. This approach, akin to ‘The Big Short,’ was reportedly used by around 10% of the dinner participants. Read the full story at The Verge.
Back
