In the volatile realm of cryptocurrency, notable shifts can often tell us much about investor behavior and market sentiment. Most recently, the memecoin known as TRUMP has garnered a considerable amount of attention, especially among large holders, or “whales,” who have used the opportunity to take profits at a record pace.
This trend has also been noted in the latest report from Lookonchain, one of the most respected on-chain data providers. Those transactions suggest that the TRUMP coin market price has taken a major hit due to a sudden sell off – which the report details.
According to Lookonchain, a whale identified only by the wallet address ‘0x52C0’ executed a substantial sale, offloading 171,842 TRUMP for 414 ETH, valued at approximately $1.44 million.
This transaction marked a staggering profit of 1428%, translating to around $3.7 million. Another notable transaction involved the address known as ‘sighduck.eth ‘, which sold 173,542 TRUMP for 1.25 million USDC, netting a profit of $1.88 million, a 1500% increase. Furthermore, ‘0x35D1’ sold 128,059 TRUMP for 204 ETH, amounting to $703.6K, achieving a profit margin of 1164%.
Many $TRUMP whales sold $TRUMP for profits today!0x52C0 sold 171,842 $TRUMP for 414 $ETH($1.44M) at $8.38 in the past 24 hours and made ~$3.7M(+1428%) on $TRUMP.https://t.co/ypys8DwW0psighduck.eth sold 173,542 $TRUMP for 1.25M $USDC in one trade 8 hours ago and made… pic.twitter.com/9t5F1Qn6za
— Lookonchain (@lookonchain) June 18, 2024
Market Implications of the TRUMP Coin Sell-Off
Not only do these large transactions produce a lot of profit for the holders, but they also affect the larger TRUMP coin marketplace. In the last 24 hours, the price of TRUMP has plummeted 31.6%, sending it under $8, to a current price of $7.60. This is part of a broader bearish trend witnessed over the past week, which has seen the coin drop around 40%.
This wave of TRUMP coin whales offloading their stakes may point to larger sentiment changes in a memecoin market dominated by violent price swings and where pouring a whole on sale orders can be costly.