Explore the latest trends, gain valuable insights, and stay informed in the dynamic cryptocurrency ecosystem.
A significant memecoin investor, has realized a $3.7 million profit by selling Trump Token amid a broader market downturn.
The whale, known by the wallet address ‘0x52C0,’ sold over 171,000 Trump tokens for 414 Ether (ETH), equivalent to $1.44 million, in the last 24 hours, achieving an impressive 1,428% return on his initial investment.
This strategic sale was reported on June 18 by Lookonchain, revealing that the whale sold Trump tokens at $8.38 each. Despite this massive sell-off, 28% of his portfolio still consists of Trump tokens worth $372,000. His largest holding is BasedAI (BASEDAI), valued at $921,000 and comprising over 71% of his wallet.
At its peak on June 2, the whale’s wallet was worth $7.53 million, according to CoinStats.
The Trump token’s price has been falling, plummeting over 30% in the last 24 hours to $7.88. It has decreased by more than 37% over the past week, based on CoinMarketCap data. This decline coincides with rumors that Donald Trump’s team has launched an “official” token on Solana, allegedly spearheaded by his 18-year-old son, Barron, and named TrumpCoin (DJT). However, Trump’s team has not confirmed this, and blockchain analysis firms like Bubblemaps are skeptical about DJT’s authenticity.
The memecoin market is experiencing significant losses as other whales also begin to cash out. Notable memecoins such as Dogecoin (DOGE) and Shiba Inu (SHIB) have dropped 13% and 18%, respectively, while Pepe (PEPE) fell 13%, and Solana-based Dogwifhat (WIF) declined over 20%, according to CoinMarketCap.
Overall, the total market capitalization of memecoins has decreased by 9.4% to $46.6 billion in the past 24 hours, while trading volume has surged 79% to $6.25 billion.
Other significant Trump token holders are also taking action. Wallet ‘0x35D1’ secured a $648,000 profit, and trader sighduck.eth made a 1,500% gain, totaling $1.88 million from his Trump token sales.
As the memecoin market continues to fluctuate, investors are closely monitoring these trends to make informed decisions.