Blockchain tracking firm Lookonchain says crypto whales are taking massive memecoin trades amid the market downturn.

According to Lookonchain, one unlucky whale is now seeing red after once having made $11.8 million in profit on President Donald Trump’s memecoin, Official Trump (TRUMP).

“This whale who made a $11.8 million profit on TRUMP spent another $33.9 million to buy 766,083 TRUMP at $44.25 and has now lost $21 million. He lost all his profits and over $9 million of his initial capital!”

TRUMP is trading for $17.61 at time of writing, down 5.1% in the last 24 hours.

Next up, Lookonchain reports a crypto whale just scooped up a massive amount of Melania (MELANIA), the official memecoin of Melania Trump, wife of US President Donald Trump, after the altcoin bounced off a low of $1.39.

“A mysterious whale created a new wallet [Tuesday] and withdrew 10 million USDC from Binance to buy 6.69 million MELANIA at $1.50.”

MELANIA is trading for $1.74 at time of writing, up 20.5% in the last 24 hours.

Lastly, Lookonchain spots one crypto whale who failed to realize more than $40 million in profits on his holdings of artificial intelligence (AI)-based altcoins ai16z (AI16Z) and Zerebro (ZEREBRO), and is now sitting on a big loss.

“This whale did not sell ai16z and ZEREBRO at the best time, missing out on a profit of over $40 million! On January 2nd, this whale had an unrealized profit of $40.8 million on ai16z and ZEREBRO, but he did not sell for profit. On Jan 9, he sold out ZEREBRO, losing ~$1 million. [On Thursday], he sold out 21.34 million ai16z ($9.18 million), losing another ~$1 million.”

Zerebro is trading for $0.067 at time of writing, up 4.3% in the last 24 hours.

Meanwhile, ai16Z is trading for $0.41 at time of writing, down nearly 1% in the the day.