Well known crypto trader and huge influence in the crypto investment community Ogle, has made news today after dropping a $1 million short on the $TRUMP token.
At first sight, this doesn’t seem like huge news. After all, Ogle is just investing his own money on the market. However, the fact that the crypto influencer is an official advisor to World Liberty Financial — the DeFi company affiliated with the Trump family — makes this move particularly interesting.
Earlier today, Ogle took a bearish stance on $TRUMP by shorting the token with a 10x leveraged position on Hyperliquid, as reporter by LookOnchain. He deposited $1 million USDC, betting that the price would decline. His liquidation price was set at $12.49, meaning if the token moved above that level, his position would be forced to close.
However, his $1 million investment didn’t pay off. Price fluctuations throughout the day eventually priced out his position, causing Ogle to call it quits at a $188K loss. While losses in leveraged trading aren’t uncommon, the significant sum and the quick turnaround caught attention, raising questions about market sentiment and potential price manipulation.
Despite the setback, Ogle switched strategies just hours later. He flipped to a long position on $TRUMP, meaning he now expects that a price recovery makes up for some of his losses earlier today.
This new position will be called if $TRUMP trades below the $8.00 mark. Currently, the Presidential memecoin is trading at $10.28 — up by 4.71% in the day.
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