Crypto News – As Memecoin Falls, TRUMP Token Whale Sells for $3.7M Gain
Crypto News– A large memecoin holder, commonly referred to as a whale, has made a $3.7 million profit by selling their MAGA (TRUMP) tokens amid the ongoing market sell-off.
The whale, identified by the wallet address 0x52C0, sold over 171,000 TRUMP tokens for 414 Ether (ETH), valued at $1.44 million in the past 24 hours. This sale has resulted in a total profit of over $3.7 million on their investment.
According to a June 18 post by Lookonchain on X, the whale has been selling their TRUMP tokens at the $8.38 price point.
Examining the strategic moves of this savvy whale, 28% of their wallet still consists of TRUMP tokens valued at $372,000. Their largest holding is the BasedAI (BASEDAI) token, which is worth $921,000 at the time of writing and accounts for over 71% of the wallet.
At its peak valuation on June 2, the whale’s wallet was worth $7.53 million, according to CoinStats.
Why is the value of the TRUMP token decreasing?
The whale began locking in their profits right as the TRUMP token’s price started to decline. The token dropped over 30% in the 24 hours leading up to 9:00 am UTC, reaching a trading price of $7.88. According to CoinMarketCap data, the memecoin is down more than 37% over the past week.
Trump-related cryptocurrencies began declining amid rumors that Donald Trump’s team had launched an official token on Solana.
Pirate Wires reported in a June 17 post on X that Trump’s 18-year-old son, Barron, was allegedly leading the token project under the name TrumpCoin (DJT).
However, Trump’s team has not confirmed the token launch, and blockchain data firms like Bubblemaps are confident that DJT is not associated with the presidential candidate.
Memecoins are plunging, with other whales sensing potential issues
Large holders are taking note of the market-wide memecoin sell-off, which has led to double-digit losses for some of the most popular meme tokens.
Leading memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) have dropped by 13% and 18% respectively on the daily chart. Additionally, Pepe (PEPE) has decreased by 13%, and the Solana-based Dogwifhat (WIF) has fallen by over 20%, according to CoinMarketCap data.
In the past 24 hours, the total market capitalization of memecoins dropped by 9.4%, settling at $46.6 billion. At the same time, trading volume surged by 79%, reaching $6.25 billion.
FAQs
How did the TRUMP token whale achieve such a substantial profit?
The whale sold over 171,000 TRUMP tokens at a profit during a period when the memecoin market was experiencing a decline, leveraging timing and market dynamics to their advantage.
How does the TRUMP token whale’s profit impact the cryptocurrency community?
The whale’s substantial profit serves as a case study in cryptocurrency trading strategies, influencing perceptions of market volatility and potential investment opportunities within the memecoin sector.
For the latest in crypto updates, keep tabs on Crypto Data Space.
1 Comment