$TRUMP, also known as MAGA Memecoin, has entered a downtrend channel as its price saw a decline following the recent debate day.
Traders are describing this situation as the accumulation phase, where investors are strategically gathering assets at lower prices.
$TRUMP @MAGAMemecoin is in the downtrend channel, but it'll get of this soon.July could be a good and green month for #altcoins #memecoins https://t.co/hh8NrzSIkO pic.twitter.com/7ydaQFr9N4
— Johnny Woo | Never DM you for Money (@j0hnnyw00) July 1, 2024
On-chain reports have revealed significant activity by a prominent whale, identified as 0x523. This whale swapped 100,099 TRUMP tokens, valued at approximately $642,000, for 184 ETH at an average price of $6.41. As of now, the whale holds 75,248 TRUMP tokens, worth around $489,000, with an impressive total profit of $3.36 million, marking a 1,343% increase.
This whale dumped another 100K $TRUMP ($642K) for 184 $ETH in the past 2 hours, contributing to the 7.6% price drop.
Note that the whale still has 75,248 $TRUMP ($489K) left with an estimated total profit of $3.36M (+1,343%) from this token.
Follow @spotonchain and monitor the… https://t.co/ZyO0CysbZi pic.twitter.com/1l6P7zg10g
— Spot On Chain (@spotonchain) July 1, 2024
Here’s a detailed breakdown of the whale’s transactions:
– On January 19, 2024, the whale purchased 495,000 TRUMP tokens for $250,000 USDT at a rate of $0.505 per token. – Since March 10, 2024, the whale has sold 419,752 TRUMP tokens for $3.12 million in ETH and USDC, averaging $7.436 per token.
TRUMP Price Reacts As It Falls About 7.55% Following This Whales’ Action
The recent sales by this whale have led to a 7.59% drop in TRUMP’s price within the last two hours.
Additionally, over the weekend, $765,697 worth of TRUMP tokens were burned, reducing the total supply and increasing the burn address holdings to 1.70%. This burning of tokens aims to create scarcity and potentially boost the token’s value in the long term.
An additional $765,697 worth of $TRUMP has been burned and removed from the total supply. That moves our burn address holdings up to 1.70%. pic.twitter.com/Q5a70Pi6GQ
— MAGA Memecoin (@MAGAMemecoin) June 29, 2024
Despite the current downtrend, these developments indicate significant market activity and strategic movements within the TRUMP token ecosystem.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: gorodenkoff/123RF // Image Effects by Colorcinch
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