Whales dump MAGA tokens, resulting in 35% decline for $TRUMP
MAGA (TRUMP), the popular meme token linked to ex-president Donald Trump stirred the crypto world with significant whale actions over the past few day.
Lookonchain revealed that market-moving investors have offloaded around 473K MAGA coins, accumulating substantial returns.
While investors netted significant returns, the actions come amid increased market volatility and declined fear of missing out (FOMO).
Whales offload $TRUMP coins
MAGA has seen increased attention over the past few sessions, recording bullish actions as the former president magnified his crypto focus.
Meanwhile, data shows profit-hunting players are selling TRUMP coins after the alt jumped to $17.55 ATH early in June.
Nonetheless, the crypto could not sustain the highs, experiencing substantial declines as loyal investors left.
Lookonchain revealed various significant transactions involving MAGA over the last 24 hours.
One investor exchanged 171,842 MAGA tokens for Ethereum worth $1.44 million (414ETH), making $3.7 million in profit.
Also, trader sighduck.eth made $1.88 million after dumping 173,542 TRUMP tokens for USD Coins.
Furthermore, another whale sold 128,059 TRUMP assets for ETH worth over $700K (204 coins), netting $648 in profits from a single trade.
Altcoins’ FOMO fades
The crypto market flashed red today, with the overall market cap plunging 2.20% in the past day to $2.34 trillion.
The altcoin market suffered the most, with many assets losing over 2.5% on their daily charts, whereas Bitcoin lost 0.80% in that timeframe.
Furthermore, data shows declined “altseason” mentions across social media platforms. The stats remain crucial in measuring trader interest in altcoins.
Santiment shows the metric dipped after its March 2024 peak. The drop highlights a significant decline in fear of missing out by crypto investors.
Meanwhile, the deteriorated sentiments saw Bitcoin price dipping to local lows, dragging the altcoin market lower.
TRUMP’s current price action
The alt painted its 24-hour price chart red after a nearly 35% price slide. MAGA changed hands at $7.11 at press time, and it could dip further before staging recoveries.
Meanwhile, the latest whale actions involving TRUMP highlight the strategic maneuvers of savvy investors.
Meme assets enthusiasts will likely watch the next moves by these market movers, with TrumpCoin (DJT) debates potentially grabbing attention.
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