Coin Newsweek – February 24, 2026 – In a striking turn of fortunes, the on-chain wallet known as “LeBron”—a legendary trader who amassed millions in profits from political meme coins—has experienced a significant setback, with its latest bet on the Solana-based token $ONE resulting in a paper loss of approximately $84,000, representing a 76% drawdown.
According to data from blockchain analytics firm Lookonchain, LeBron’s trading history reads like a masterclass in meme coin speculation. The wallet previously secured multi-million dollar profits on a string of politically-themed tokens, including $8.9 million on $MELANIA, $3.2 million on $TRUMP, $4.56 million on $LIBRA, and $1 million on $HARRYBOLZ. These victories cemented LeBron’s reputation as one of the most successful and closely-watched wallets in the meme coin ecosystem.
Even LeBron — the legend who made $8.9M on $MELANIA, $3.2M on $TRUMP, $4.56M on $LIBRA, and $1M on $HARRYBOLZ — is now deeply underwater on $ONE.
He spent $110K to buy 4.5M $ONE, sold 916K $ONE for 13,923 $USDC, leaving 3.59M $ONE($12K), with a loss of $84K(-76%).… pic.twitter.com/W1szBJPfCc
— Lookonchain (@lookonchain) February 24, 2026
The $ONE trade tells a different story. On-chain data reveals that LeBron invested approximately $110,000 to acquire 4.5 million $ONE tokens, likely attracted by the same speculative fervor that made previous trades so profitable. However, as prices moved against the position, the wallet executed a partial sale of 916,000 $ONE tokens, receiving 13,923 USDC in return—a fraction of the initial investment.
Following this partial exit, LeBron continues to hold approximately 3.59 million $ONE tokens. Based on current market prices, these remaining holdings are valued at roughly $12,000. When combined with the realized proceeds from the partial sale, the total value recovered stands at just $25,923 against an initial outlay of $110,000, resulting in the $84,000 paper loss and the 76% drawdown figure cited by Lookonchain.
The dramatic reversal of fortune highlights the extreme volatility and unforgiving nature of meme coin trading. Even traders with proven track records and deep market intuition can find themselves on the wrong side of a trade when sentiment shifts or when a particular token fails to capture the same speculative energy as previous successes.
$ONE, a token built on the Solana blockchain, represents a departure from the politically-themed tokens that made LeBron’s reputation. Whether this indicates a strategic attempt to diversify beyond the political meme coin niche or simply a speculative punt that didn’t pay off remains unclear. What is clear is that the Solana ecosystem, while known for its high-speed, low-cost transactions, is equally capable of producing rapid drawdowns for overextended positions.
The 76% loss on $ONE serves as a sobering counterpoint to the multi-million dollar profits that preceded it. In the high-stakes world of meme coin trading, where fortunes can be made or lost in hours, even the most successful players are not immune to significant reversals.
For on-chain analysts and retail traders who follow whale wallets for trading signals, LeBron’s $ONE misstep offers a valuable lesson: past performance is no guarantee of future results. The same wallet that perfectly timed entries and exits on multiple political tokens now sits on a substantial unrealized loss, demonstrating that in crypto markets, everyone eventually faces a losing trade.
The broader implications for the meme coin ecosystem are worth considering. If a trader of LeBron’s caliber can suffer a 76% drawdown on a Solana-based token, it underscores the risks inherent in chasing speculative assets, particularly those lacking the cultural resonance or viral potential of the Trump-themed coins that dominated recent cycles.
As the crypto community digests this latest on-chain revelation, LeBron’s wallet will undoubtedly remain under close observation. Will the trader double down, averaging into the position in hopes of a rebound? Or will this loss be written off as a rare misstep in an otherwise spectacular trading career? For now, the blockchain records the loss in immutable detail—a reminder that in the world of meme coins, even legends can bleed.
Sources: Lookonchain data / Solana blockchain transaction records / Market analysis
