Coinspeaker
Trump Token Whale Nets $3.7M Profit amid Wider Meme Coin Crash
Cryptocurrency goes hand in hand with uncertainty and extreme volatility, but a major Trump token holder would beg to differ. This follows after the whale, identified by the wallet address ‘0x52C0’, recently sold over 171,000 Trump tokens, translating to 414 Ether, worth $1.44 million within the last 24 hours. As Lookonchain data suggests, the sale, which was at an average price of $8.38, meant that the said whale saw a remarkable 1,428% return on investment.
Massive ROI for Trump Token Whale but Meme Coin Market Suffers Repeated Hits
For what it’s worth, the Trump token has been plummeting hard in the past day. It saw its value drop over 30% in 24 hours and even traded at a $7.88 low. It is also down 37% on the weekly chart.
Analysts linked the decline to rumors of an official TrumpCoin project on Solana, which is allegedly being run by the former US president’s son, Barron. As there has been no official word from Trump’s team, however, the market has since remained in a speculative mood.
Despite selling a significant portion of his holdings, the whale retains 28% of his wallet in Trump tokens, valued at approximately $372,000. His largest asset is BasedAI (BASEDAI) coins, worth $921,000. This makes up over 71% of his portfolio.
Notably, the sell-off by ‘0x52C0’ is a direct reflection of what is currently going on in the broader memecoin market. Popular memecoins, such as Dogecoin (DOGE) and the likes, have all recorded significant declines lately. DOGE, for instance, is down 13% while Shiba Inu (SHIB) also fell by 18%. Like DOGE, Pepe (PEPE) saw over 13% decline while Solana-based Dogwifhat (WIF) plummeted by over 20%.
Overall, the combined market capitalization for meme coins has lost over 9%, currently standing at $46.6 billion. Interestingly, trading volumes are on the rise, gaining over 79% to $6.25 billion.
Similar Whale Activity
Meanwhile, other prominent Trump token holders appear to be following suit by moving to capitalize on the declining market. Wallet ‘0x35D1’ saw a $648,000 profit, while trader sighduck.eth also saw millions after netting a 1,500% gain on their investment.
Trump Token Whale Nets $3.7M Profit amid Wider Meme Coin Crash
