A whale sold 103,759 TRUMP tokens for $867K, retaining 386K TRUMP worth $3M, marking a 1,463% gain.
Spot On Chain reveals the whale divided sales into seven transactions to optimize profits and reduce market impact.
Santiment reports rising interest in ETH and DJT due to SEC’s Ethereum investigation closure and Martin Shkreli’s involvement.
Amid the ongoing controversy surrounding Trump-themed memecoins, a cryptocurrency whale has sold a substantial amount of TRUMP tokens for significant profit. The whale offloaded 103,759 TRUMP tokens, valued at approximately $867,000, within the past 24 hours.
Whale’s Historical Involvement
Spot On Chain, an AI-driven cryptocurrency analytics platform, has detailed the transaction. The platform reports that the whale initially acquired 495,000 TRUMP tokens with 250,000 USDT on January 19, 2024.
Following the recent sell-off, the whale retains 386,000 TRUMP tokens, worth around $3 million. The analytics platform estimates the whale’s total profit from this series of transactions at approximately $3.66 million, representing a 1,463% gain.
Amid the recent #Trump-themed memecoins controversy, a whale decided to sell 103,759 $TRUMP ($867K) in the past 24 hours for profits!The whale bought 495K $TRUMP with only 250K $USDT on Jan 19,And now has 386K $TRUMP ($3M) left.The est. total profit is $3.66M (+1,463%)!… pic.twitter.com/QYll4Uyjjc
— Spot On Chain (@spotonchain) June 20, 2024
Multiple Transactions Strategy
The analytics provided by Spot On Chain reveal that the whale did not execute a single large sale but instead divided the sell-off into seven separate transactions over 24 hours.
This approach likely aimed to minimize market impact and capitalize on fluctuating prices. The varied prices at which the coins were sold contributed to the estimated profit calculation provided by Spot On Chain.
Market Reactions and Other Developments
In related market news, Santiment, a market intelligence platform known for onchain and social metrics, has identified rising trader interest in certain cryptocurrencies.
The platform notes that the SEC’s closure of its investigation into Ethereum and Pantera Capital’s announcement to purchase $100 million worth of Ethereum have ignited significant interest in ETH among traders.
Santiment also highlighted a surge in interest in the newly created Trump-themed memecoin, DJT. The platform attributes this rise to Martin Shkreli’s claim of co-creating the Donald J. Trump token.
Shkreli’s involvement has drawn considerable attention to the memecoin, further influencing market dynamics.
The coins seeing the largest rise in trader interest right now are: Ethereum: SEC ending Ethereum investigation, Pantera Capital's plan to purchase $100 million worth of Ethereum Donald J. Trump: Martin Shkreli admitting to co-creating the token with Barron Trump pic.twitter.com/38OgDTRNki
— Santiment (@santimentfeed) June 20, 2024
The recent whale transaction involving TRUMP tokens shows the volatility and profit potential in the memecoin market. As the controversy around Trump-themed memecoins continues, these developments reflect broader trends and trader behaviors in the cryptocurrency ecosystem.
Spot On Chain and Santiment’s insights provide a insights into these dynamics, highlighting the connection between major market events and individual trading strategies.
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