Trump token whale sells for $3.7M profit as memecoin starts to decline
A big memecoin owner or whale made a $3.7 million profit after selling TRUMP tokens amid the current market selloff.
Whale wallet ‘0x52C0' sold over 171,000 Trump Tokens totaling 414 Ether (ETH), worth $1.44 million, in the last 24 hours, making a profit of over $3.7 million.
According to X's post on Loonchain on June 18, the whale has been selling its Trump coins for $8.38.
Looking at the adult whale, 28% of his wallet still consists of Trump tokens, worth $372,000. His biggest holding is the BasedAI (BASEDAI) coin, worth $921,000 and accounting for 71% of his wallet.
At its peak on June 2, the whale bag was worth $7.53 million, according to CoinStats.
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Why is the Trump token down?
Just as the price of the Trump Token began its decline, the whale began to lock in its profits.
Trump Coin has fallen over 30% in the 24 hours to 09:00 AM UTC to trade at $7.88. According to CoinMarketCap data, memecoin is down more than 37% on the weekly chart.
Trump-related cryptocurrencies began to fall amid rumors that Donald Trump's team had launched an “official” token against Solana. however,
Pirate Wires claimed in a June 17 X post that Trump's 18-year-old son “runs it” under the name Baron Trumpcoin (DJT).
However, Donald Trump's team has not confirmed the launch of the token, and blockchain data companies such as Bubblemaps seem confident that DJT will not be associated with the presidential candidate.
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Memecoins are in red because other whales smell trouble too.
Large holders are recalling the market-wide memecoin selloff, which saw some of the most popular meme tokens make double-digit gains.
Leading memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) fell 13% and 18% on the daily chart, while Pepe (PEPE) tanked 13% and Solana-based Dogwifhat (WIF) fell more than 20%, according to CoinMarketCap data.
The total market capitalization of memecoins dropped 9.4% to $46.6 billion in the last 24 hours, while trading volume rose 79% to $6.25 billion.
Other Trump whales have also noticed the decline and are starting to lock in their profits. Wallet ‘0x35D1' sold his Trump coins for a profit of $648,000, while trader sighduck.eth sold the tokens for over 1,500% for $1.88 million.
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