With their original investment in the TRUMP token, the memecoin whale earned a return of more than 1,428%.
A whale, or significant memecoin owner, has profited $3.7 million from selling their MAGA (TRUMP) tokens during the current market sell-off.
In the last 24 hours, the whale wallet “0x52C0” has made a profit of nearly $3.7 million on the sale of over 171,000 TRUMP tokens for 414 Ether ETH$3,427, worth $1.44 million.
A June 18 X post by Lookonchain states that the whale has been selling their TRUMP coins at $8.38.
Observing the astute whale, 28% of their wallet is still filled with $372,000 worth of TRUMP tokens. The BasedAI (BASEDAI) token, valued at $921,000 and making up more than 71% of the wallet, is their most prominent position.
According to CoinStats, the whale wallet’s valuation peaked on June 2 at $7.53 million.
The TRUMP token is down; why?
The whale began to lock in their profits at the exact moment as the price of the TRUMP token began to drop.
In the 24 hours before 9:00 am UTC, the token dropped more than 30%, trading at $7.88. According to the weekly chart, Memecoin is down more than 37%, based on data from CoinMarketCap.
After reports surfaced that Donald Trump’s team had introduced an “official” token on Solana, Trump-related cryptocurrencies began to decline.
In a June 17 X post, Pirate Wires stated that Barron, Trump’s 18-year-old son, was “spearheading” the token, which was going by the TrumpCoin (DJT).
Trump’s campaign has not acknowledged the coin launch, but blockchain data companies like Bubblemaps appear confident that DJT isn’t associated with the presidential contender.
Memecoins are down because other whales are sensing problems as well.
The market-wide memecoin sale, which saw some of the most well-liked meme tokens record double-digit gains, has big holders paying attention.
According to CoinMarketCap data, the top memecoins Dogecoin DOGE$0.12 and Shiba Inu SHUB$0.000018 dropped 13% and 18% on the daily chart, Pepe PEPE$0.000011 dropped 13%, and the Solana-based Dogwifhat (WIF) dropped more than 20%.
On the last day, trade volume increased 79% to $6.25 billion, yet the overall market value of memecoins decreased 9.4% to $46.6 billion.
Whales holding other TRUMP tokens have also noticed the drop and have been securing their gains. Trader sighduck. Eth sold their tokens for an increase of nearly 1,500%, or $1.88 million, while wallet “0x35D1” made a profit of $648,000.
