Barry Ogle, an advisor to World Liberty Financial (WLFI), opened a short position against the TRUMP meme coin, describing it as a hedge amid uncertainty.
Details of the Short Position
Barry Ogle opened a $2.71 million short position using 10x leverage against the TRUMP meme coin, with the price trading below $10. His position is at risk of liquidation if the price rises above $12.489.
Defense of Ogle's Actions
Ogle characterized his short trade as a method to reduce risk exposure, calling it a 'hedge.' He emphasized the distinction between the TRUMP meme coin and WLFI.
Overall Market State of TRUMP Meme Coin
The crypto market shows a decrease in interest in the TRUMP meme coin, with the number of holders down 0.04% in one day. Overall, the token's price has dropped 40% since mid-May, falling below $10. There is also a significant reduction in trader activity, reinforcing a bearish outlook.
Barry Ogle's position highlights the tension between WLFI and the TRUMP meme coin projects. Given the current market situation, future price changes may lead to further unrest among holders of both tokens.
