TRUMP price fell more than 30% today as Whale offloads nearly 500K tokens to book profit. The development comes amid speculations over Trump launching DJT token.
The price of TRUMP, the foremost meme coin, has decreased by over 30% today, which has sparked speculation in the broader crypto market. It is important to note that the meme token associated with former President Donald Trump experienced a decline in value due to the offloading of 473,000 tokens by significant investors, also known as “whales.”
This sell-off happens in the context of circulating allegations that Trump intends to introduce an official TrumpCoin (DJT) on the Solana blockchain, which has caused substantial volatility in the crypto market.
Whale Sell-Off Drives TRUMP Price Dip
The TRUMP token, which has recently garnered attention due to Trump’s heightened attention to the crypto sector, experienced a significant decline as large holders, or “whales,” realized profits. The token had attained an all-time high of $17.52 earlier this month, indicating investors’ strong confidence.
Nevertheless, the increase was brief, as investors interpreted the soaring price as a chance to record profits. Consequently, the meme coin’s value plummeted due to the significant selling activity of prominent whales.
In the interim, Lookonchain, an on-chain transaction monitoring platform, disclosed transactions that significantly contributed to the price decline.
A single whale, identified as 0x52C0, sold 171,842 TRUMP tokens for 414 ETH, equivalent to $1.44 million at $8.38 per token. Notably, this transaction generated a profit of approximately $3.7 million, representing a remarkable 1428% return on investment.
Conversely, sighduck.eth executed an additional substantial transaction in which they sold 173,542 TRUMP for 1.25 million USDC in a single transaction. This transaction resulted in a $1.88 million profit, which equates to a 1500% increase.
Simultaneously, 0x35D1, a third whale, sold 128,059 TRUMP for 204 ETH, resulting in a profit of $648,000 or a return of 1164%. This transaction was valued at $703,600.
The price of MAGA (TRUMP) experienced a sudden decline due to the broader sell-off initiated by these high-volume investor sales. A volatile environment has been established for MAGA holders due to the whales’ profit-taking and the ambiguity surrounding the rumored launch of TrumpCoin.
TrumpCoin (DJT) Rumors Stir Market Uncertainty
The market turmoil is concurrent with reports that Donald Trump intends to introduce an official cryptocurrency, TrumpCoin, on the Solana blockchain.
Investors, particularly those who possess TRUMP and other Trump-related meme coins, have expressed concern regarding the new coin, which is rumored to bear the ticker DJT. This development has prompted numerous individuals to reevaluate their positions, resulting in substantial sell-offs.
These allegations had an effect that was not limited to TRUMP. Doland Trump (TREMP), among other meme coins associated with the former U.S. president, also experienced declines. For example, TREMP experienced a 32% decline, indicative of the general market volatility among tokens associated with Donald Trump.
Furthermore, the TRUMP price has decreased by 31.93% in the past 24 hours and is currently trading at $7.67 as of this writing. The meme coin has experienced a high of $11.10 and a low of $5.55 in the past 24 hours, which is indicative of the increased volatility of the crypto.
It is important to note that the token achieved an all-time high on June 1 and has generated a return of roughly 46,000% since its launch in August 2023. Additionally, TRUMP’s one-day trading volume increased by 1006% to $74.40 million.
