A large memecoin holder, or whale, has made a $3.7 million profit after selling their MAGA (TRUMP) tokens amid the current market sell-off.
Whale wallet “0x52C0” has sold over 171,000 TRUMP tokens for 414 Ether, worth $1.44 million, in the past 24 hours, netting a total profit of over $3.7 million.
The whale has been selling their TRUMP tokens at the $8.38 mark, according to a June 18 post by Lookonchain.
Currently, 28% of their wallet still consists of TRUMP tokens valued at $372,000. Their largest holding is the BasedAI (BASEDAI) token, worth $921,000 and accounting for over 71% of the wallet.
At its peak valuation on June 2, the whale wallet was worth $7.53 million, according to CoinStats.
The whale began locking in their profits just as the TRUMP token’s price started to decline.
The token fell over 30% in the 24 hours leading up to 9:00 am UTC, trading at $7.88. The memecoin is down over 37% on the weekly chart, according to CoinMarketCap data.
Trump-related cryptocurrencies began falling amid rumors that Donald Trump’s team launched an “official” token on Solana.
READ MORE: Pyth Pull Oracle Launches on Solana
Pirate Wires claimed in a June 17 post that Trump’s 18-year-old son, Barron, was “spearheading” the token under the name TrumpCoin (DJT).
However, Trump’s team hasn’t confirmed the token launch, and blockchain data firms such as Bubblemaps seem confident that DJT isn’t linked to the presidential candidate.
Memecoins are in the red as other whales also sense trouble. Large holders are noticing the marketwide memecoin sale, which saw some of the most popular meme tokens log double-digit losses.
Leading memecoins Dogecoin and Shiba Inu fell 13% and 18% on the daily chart, while Pepe dropped 13%, and Solana-based Dogwifhat (WIF) fell over 20%, according to CoinMarketCap data.
The total market capitalization of memecoins fell 9.4% to $46.6 billion in the past 24 hours, while trading volume rose 79% to $6.25 billion.
Other TRUMP token whales have also taken note of the decline and started locking in profits.
Wallet “0x35D1” sold their tokens for a $648,000 profit, while trader sighduck.eth sold their tokens for a 1,500% gain of $1.88 million.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
