The cryptocurrency world has been abuzz with the recent developments surrounding the TRUMP token, a meme coin associated with former U.S. President Donald Trump. The token has experienced a significant price drop of over 30% today, as major investors, known as "whales," have offloaded a staggering 473,000 TRUMP tokens.

This sell-off comes amidst rumors of Donald Trump's plans to launch an official TrumpCoin (DJT) on the Solana blockchain. The speculation surrounding this new token has created a sense of uncertainty in the market, leading many investors to reassess their positions in TRUMP and other Trump-themed meme coins.

The on-chain transaction tracking platform Lookonchain has reported several notable transactions that have contributed to the TRUMP price slump. One whale, known as 0x52C0, sold 171,842 TRUMP tokens for 414 ETH, worth $1.44 million, at $8.38 per token, resulting in a staggering profit of $3.7 million, a 1428% return on investment.

Similarly, another whale, sighduck.eth, sold 173,542 TRUMP for 1.25 million USDC, making a $1.88 million profit, a 1500% gain. A third whale, 0x35D1, sold 128,059 TRUMP for 204 ETH, worth $703,600, achieving a profit of $648,000 or a 1164% return.

These massive sell-offs by high-volume investors have triggered a broader sell-off, leading to a sharp decline in the MAGA (TRUMP) price. The profit-taking by whales, combined with the uncertainty surrounding the rumored launch of TrumpCoin, has created a volatile environment for TRUMP holders.

The impact of these developments has extended beyond TRUMP, with other meme coins associated with the former president, such as Doland Tremp (TREMP), also experiencing significant declines of around 32%.

As of writing, the TRUMP price has fallen 31.93% over the last 24 hours, trading at $7.67. The token has touched a high of $11.10 and a low of $5.55 during this period, reflecting the heightened volatility in the crypto market.

In conclusion, the TRUMP token has been at the center of a meme coin mayhem, with a significant price drop driven by a massive sell-off by whales. The rumors surrounding the launch of an official TrumpCoin have added to the uncertainty, leading to a volatile trading environment for investors in Trump-themed cryptocurrencies.