TRUMP Memecoin Whale Nets $3.7 Million Profit Amid Market Sell-Off
In the midst of a turbulent market sell-off, a major memecoin whale has made headlines by securing a substantial profit from their MAGA (TRUMP) tokens. The whale, operating under the wallet identifier “0x52C0,” has reportedly sold over 171,000 TRUMP tokens, netting 414 Ether (ETH), which translates to approximately $1.44 million within the past 24 hours. This savvy move resulted in an overall profit of more than $3.7 million on their investment.
According to a June 18 post by Lookonchain, the whale strategically sold their TRUMP tokens at the $8.38 mark. Despite this significant sale, 28% of the whale's portfolio still consists of TRUMP tokens, valued at around $372,000. The recent decline in the value of TRUMP tokens coincided with the whale's decision to lock in profits. According to data from CoinMarketCap, the TRUMP token is down over 27% in the past week. However, the token recovered slightly and is up 38% in the past 24 hours, now trading at $9.03.
The drop in TRUMP token prices is partly attributed to rumors surrounding the launch of an official Trump cryptocurrency on Solana. Pirate Wires, a tech blog, claimed in a June 17 X post that Barron Trump, the 18-year-old son of former President Donald Trump, was leading the launch of a token named TrumpCoin (DJT). However, there has been no official confirmation from Trump's team, and blockchain analysis firms like Bubblemaps have expressed skepticism about any direct connection between DJT and the former president.
Other memecoins are also hit by significant selloffs. Leading memecoins such as Dogecoin (DOGE) and Shiba Inu (SHIB) experienced significant weekly declines of 8.8% and 13.6%, respectively. Pepe (PEPE) dropped 8.8%, while Solana-based Dogwifhat (WIF) fell over 16.2%, according to CoinMarketCap.