July 24, 2024
Whale Profits $3.7M from TRUMP Token Sale Amid Market Decline
Altcoins News

Whale Profits $3.7M from TRUMP Token Sale Amid Market Decline

In a remarkable turn of events, a major meme coin holder, known as a whale, has capitalized on the market sell-off, making a $3.7 million profit from selling their MAGA (TRUMP) tokens.

Massive Profits from TRUMP Token Sale

The whale, identified by the wallet “0x52C0,” offloaded over 171,000 TRUMP tokens for 414 Ether (ETH), valued at $1.44 million over the past 24 hours. This sale brought the whale an impressive return of over 1,428% on their initial investment.

Source: Lookonchain

On June 18, Lookonchain reported that the whale sold their TRUMP tokens at $8.38 each. Despite this significant sale, 28% of the whale’s wallet still holds TRUMP tokens valued at $372,000. The largest holding in their portfolio is the BasedAI (BASEDAI) token, worth $921,000 and making up over 71% of the wallet. At its peak on June 2, the whale’s wallet was valued at $7.53 million, according to CoinStats.

Source: CoinStats

Why is the TRUMP Token Down?

The whale’s profit-taking coincided with a notable decline in the TRUMP token’s price. Within 24 hours leading up to 9:00 am UTC, the token dropped over 30%, trading at $7.88. Over the past week, TRUMP has declined more than 37%, as per CoinMarketCap data.

 Source: CoinMarketCap

The downturn in Trump-related cryptocurrencies followed rumors that Donald Trump’s team had launched an “official” token on Solana. On June 17, Pirate Wires claimed on X that Barron Trump, Donald Trump’s 18-year-old son, was leading the launch of a token named TrumpCoin (DJT). However, Trump’s team has not confirmed these claims, and blockchain data firms like Bubblemaps doubt any official link to the presidential candidate.

Meme coins in the Red, Other Whales Follow Suit

The decline in TRUMP tokens is part of a broader trend affecting the meme coin market. Other whales have also begun selling off their holdings. For instance, wallet “0x35D1” sold TRUMP tokens for a $648,000 profit, while the trader sighed. eth made a $1.88 million profit, boasting a return of over 1,500%.

The meme coin market has been under pressure, with popular tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) falling 13% and 18%, respectively. Pepe (PEPE) dropped 13%, and Solana-based Dogwifhat (WIF) fell over 20%, according to CoinMarketCap.

Source: CoinMarketCap

The total market capitalization of meme coins fell 9.4% to $46.6 billion in the past 24 hours, while trading volume surged 79% to $6.25 billion.

Conclusion

As the memecoin market faces significant declines, investors and traders are closely monitoring the situation, considering their next moves amidst the volatility.

Image by vecstock on Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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