'Memecoin Whale' Secures $3.7M Profit Amid Market Sell-Off and Trump Token Price Decline
Summary:
A memecoin 'whale' sold his Maga (TRUMP) tokens amid a market sell-off, earning a $3.7 million profit. Despite the sale, the whale's digital wallet still holds 28% of Trump tokens valued at about $372,000. The sell-off started as the Trump token began its price decline, falling over 30% in 24 hours. Meanwhile, other significant token holders are also securing their profits, suggesting a downturn in the memecoin market.
A significant holder of memecoin, also known as a whale, recently cashed in on his Maga (TRUMP) tokens amidst the ongoing market sell-off, yielding a profit of $3.7 million. The whale's digital wallet, known as ‘0x52C0’, dumped more than 171,000 Trump tokens for about 414 Ether (ETH) - equivalent to $1.44 million - in one day, thus leading to a total profit above $3.7 million. The transactions were made when the price of Trump coins was around $8.38, as reported by Lookonchain on June 18.
Analyzing the clever whale's wallet reveals that 28% of its value still comprises Trump tokens - amounting to about $372,000. The remaining majority, over 71%, are BasedAI (BASEDAI) coins totalling up to about $921,000 in worth. Per the data gathered by CoinStats, the whale’s portfolio peaked at a staggering value of $7.53 million on June 2.
But why is the Trump token losing value? Simply put, the whale decided to secure his earnings at a time when the Trump token began its downwards price slide. Over a 24-hour period leading to 09:00 AM UTC, the Trump token's value plunged by more than 30%, eventually being traded at $7.88. In total, the memecoin has witnessed a roughly 37% downturn on the weekly chart, as per data from CoinMarketCap.
A downturn in Trump-associated cryptocurrencies was noted following whispers of an “official” token being launched on Solana by Donald Trump’s crew. But such rumours, reported in a June 17 post by Pirate Wires, further claimed that the undertaking was led by Barron, Trump’s 18-year-old son, under the name TrumpCoin (DJT). Despite these rumours, Trump’s team hasn't confirmed the token launch. Blockchain data analysts such as Bubblemaps are optimistic that the DJT token doesn't correlate to the former US president.
As nervous vibes ripple through the memecoin market, other significant holders also begin to secure their earnings. Digital wallets like ‘0x35D1’ have sold their Trump tokens, yielding a profit of $648,000, while trader sighduck.eth dramatically increased his profits by over 1,500% - going as high as $1.88 million.
The memecoin market, which recently logged double-digit gains with popular tokens, is showing signs of retreat. Leading memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) suffered a dip of 13% and 18% respectively on the daily chart. Meanwhile, Pepe (PEPE) saw a decline of 13%, and the Solana-oriented Dogwifhat (WIF) saw losses over 20%, according to CoinMarketCap data.
In the last 24 hours, the entire memecoin market's capitalization decreased by 9.4% to $46.6 billion, but simultaneously, its trading volume amplified by 79%, reaching $6.25 billion.
Published At
6/18/2024 12:48:20 PM
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