Key Takeaways:
- A Maga (TRUMP) memecoin whale sold 171,000 tokens for $1.44 million, making a $3.7 million profit.
- The Trump token’s price plummeted over 30% in 24 hours, driven by rumors of an official Trump token on Solana.
- Memecoin market cap dropped 9.4% to $46.6 billion, while trading volume surged 79% to $6.25 billion.
A large holder, or “whale,” of the Maga (TRUMP) memecoin made a $3.7 million profit by selling 171,000 Trump tokens, worth 414 Ether (ETH) valued at $1.44 million, during a market downturn.
Despite the sell-off, 28% of his wallet remains in Trump tokens valued at $372,000, while his largest holding is BasedAI (BASEDAI) coin, valued at $921,000.
Many $TRUMP whales sold $TRUMP for profits today!
— Lookonchain (@lookonchain) June 18, 2024
0x52C0 sold 171,842 $TRUMP for 414 $ETH($1.44M) at $8.38 in the past 24 hours and made ~$3.7M(+1428%) on $TRUMP.https://t.co/ypys8DwW0p
sighduck.eth sold 173,542 $TRUMP for 1.25M $USDC in one trade 8 hours ago and made… pic.twitter.com/9t5F1Qn6za
The Trump token’s price dropped over 30% in 24 hours and is down more than 37% for the week, partly due to rumors about an “official” Trump token on Solana, allegedly led by Donald Trump’s son Barron, which Trump’s team has not confirmed.
Other memecoins like Dogecoin, Shiba Inu, and Pepe also saw significant declines.
The total market capitalization of memecoins fell 9.4% to $46.6 billion, with trading volume rising 79% to $6.25 billion.
A significant #memecoin whale made a $3.7 million profit by selling #Trump tokens amid a market downturn, garnering over 1,428% return on investment.
— TOBTC (@_TOBTC) June 18, 2024
The Trump token's decline, triggered by rumors of an "official" token launch by Donald Trump's team, led to a broader sell-off… pic.twitter.com/72BVCS75KF
Other Trump token whales also cashed out, with one making a $648,000 profit and another achieving a 1,500% gain totaling $1.88 million.
About The Author
Fleming Airunugba, a seasoned Web3 and crypto content expert, leverages his deep understanding of blockchain technology to bring the latest and most impactful news to the crypto community.
With a knack for engaging storytelling and strategic content creation, Fleming is dedicated to educating and inspiring his audience with insightful analysis on cryptocurrencies, NFTs, and the future of digital finance.
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