A significant holder, or whale, of the memecoin Maga (TRUMP) has realized a $3.7 million profit by selling their tokens amid the current market downturn.
Whale wallet ‘0x52C0’ has offloaded more than 171,000 Trump tokens, totaling 414 Ether (ETH), valued at $1.44 million in the past 24 hours. This sale resulted in a total profit exceeding $3.7 million.
According to a June 18 X post by Lookonchain, the whale sold their Trump coins at the $8.38 price point.
Reviewing the strategic whale’s portfolio, 28% of their holdings still comprise Trump tokens, valued at $372,000. Their largest position is in BasedAI (BASEDAI) coins, worth $921,000, constituting over 71% of the wallet.
At its highest valuation on June 2, the whale’s wallet reached $7.53 million, as reported by CoinStats.
Why is the Trump token down?
In the 24 hours leading up to 09:00 AM UTC, the Trump coin experienced a significant decline of over 30%, trading at $7.88. According to CoinMarketCap data, the memecoin has dropped more than 37% over the course of the week.
Trump-related cryptocurrencies faced a downturn amidst rumors of an alleged launch of an “official” token on Solana by Donald Trump’s team.
Pirate Wires reported on June 17 that Trump’s 18-year-old son, Barron, was supposedly leading the token initiative under the name TrumpCoin (DJT). However, there has been no official confirmation from Donald Trump’s team, and blockchain data firms like Bubblemaps indicate that DJT is not associated with the presidential candidate.
Meanwhile, memecoins are experiencing losses, with significant holders taking notice of the broader sell-off. Popular meme tokens such as Dogecoin (DOGE) dropped by 13%, Shiba Inu (SHIB) by 18%, Pepe (PEPE) by 13%, and Solana-based Dogwifhat (WIF) by over 20% on the daily chart, based on CoinMarketCap data.
In the last 24 hours, the total market capitalization of memecoins declined by 9.4% to $46.6 billion, accompanied by a 79% increase in trading volume to $6.25 billion.
Amidst the decline, other Trump-related whales have capitalized on the situation by securing profits. Wallet ‘0x35D1’ realized a profit of $648,000 from selling their Trump coins, while trader sighduck.eth made a significant gain of over 1,500%, amounting to $1.88 million from their token sales.