TRUMP Token Whale Sells for $3.7M Profit as Memecoin Declines
YEREVAN (CoinChapter.com) — A TRUMP token whale has made a significant profit during the current market sell-off. A large holder, identified as wallet “0x52C0,” sold over 171,000 TRUMP tokens, making a $3.7 million profit. This sale, worth 414 Ether or $1.44 million, was completed within 24 hours, according to a June 18 post by Lookonchain. The whale achieved a 1,428% return on their initial investment.
TRUMP Token Whales Cash In Amid Market Decline. Source: Lookonchain
Despite selling a large portion, the whale still holds 28% of their wallet in TRUMP tokens, valued at $372,000. Their largest asset is BasedAI (BASEDAI) tokens, worth $921,000, accounting for over 71% of their portfolio.
TRUMP Token Price Drops After Major Sale
Critically, the TRUMP token’s price dropped significantly after the whale’s sale. The token fell over 30% in 24 hours, trading at $7.88. On a weekly chart, it is down more than 37%, according to CoinMarketCap data.
At its peak on June 2, the whale’s wallet was valued at $7.53 million.
The token’s decline coincided with rumors of an “official” Trump token launch on Solana. Interestingly, speculation pointed to Barron Trump, Donald Trump‘s 18-year-old son, leading the new token, named TrumpCoin (DJT).
However, Trump’s team has not confirmed this, and blockchain data firms like Bubblemaps doubt the token’s connection to the Trump family.
Other TRUMP Token Whales Also Take Profits
Additionally, other major holders have also sold their TRUMP tokens to lock in profits. Wallet “0x35D1” made a $648,000 profit from selling their tokens. The trader known as sighduck.eth achieved an over 1,500% gain, netting $1.88 million from their sales.
Moreover, major memecoins, including Dogecoin and Shiba Inu, experienced significant declines. Dogecoin fell by 13%, while Shiba Inu dropped by 18% on the daily chart. Pepe and Solana-based Dogwifhat (WIF) saw declines of 13% and over 20%, respectively, according to CoinMarketCap.
Notably, the total market capitalization of memecoins fell by 9.4% to $46.6 billion in the past 24 hours. Trading volume rose by 79% to $6.25 billion.
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