A significant holder of memecoins, known as a whale, has made a profit of $3.7 million by selling their MAGA (TRUMP) tokens amidst the current market downturn.
The whale wallet labeled as “0x52C0” has successfully sold more than 171,000 TRUMP tokens for 414 Ether (ETH) valued at $1.44 million within the last 24 hours. This sale has resulted in a total profit of over $3.7 million on their initial investment.
According to a post dated June 18th on Lookonchain, the whale has been offloading their TRUMP tokens at the $8.38 price point.
Looking closely at this savvy whale, it is observed that 28% of their wallet still contains TRUMP tokens valued at $372,000. Their most substantial holding is the BasedAI (BASEDAI) token, which is currently worth $921,000, making up more than 71% of their wallet.
At its peak value on June 2nd, the whale’s wallet was estimated to be worth $7.53 million as per CoinStats data.
The decline in the TRUMP token price prompted the whale to begin locking in their profits. The token experienced a decrease of over 30% in the 24 hours leading up to 9:00 am UTC, trading at $7.88. According to CoinMarketCap data, the memecoin has dropped by more than 37% on the weekly chart.
Trump-related cryptocurrencies started plummeting amidst speculation that Donald Trump’s team had launched an “official” token on Solana. Pirate Wires reported in a post on June 17th that Trump’s 18-year-old son, Barron, was spearheading the token named TrumpCoin (DJT). However, there has been no confirmation from Trump’s team regarding the token launch, and blockchain data companies like Bubblemaps are confident that DJT is not associated with the former presidential candidate.
As memecoins continue to decline, other large holders are also taking notice of the market sell-off. Popular meme tokens such as Dogecoin (DOGE) and Shiba Inu (SHIB) saw declines of 13% and 18% on the daily chart, respectively. Additionally, Pepe (PEPE) dropped by 13%, while Solana-based Dogwifhat (WIF) fell by over 20%, according to CoinMarketCap data.
The total market capitalization of memecoins decreased by 9.4% to $46.6 billion in the past 24 hours, while trading volume surged by 79% to $6.25 billion.
In response to the decline, other TRUMP token whales have also started to cash in on their profits. Wallet “0x35D1” sold their tokens for a $648,000 profit, and trader sighduck.eth made an impressive gain of over 1,500% amounting to $1.88 million.
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