Tuesday Newsletter

Explore the latest trends, gain valuable insights, and stay informed in the dynamic cryptocurrency ecosystem.

18 June 2024

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.

Why is the Trump Token Declining?

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.

Memecoins Face a Market-Wide Slump

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.