A significant holder of the TRUMP token has realized a remarkable profit of $3.7 million amidst a broader market downturn for memecoins, achieving an impressive return of over 1,428% on their initial investment.

The whale, identified by the wallet address “0x52C0,” sold more than 171,000 TRUMP tokens in exchange for 414 Ether (ETH), amounting to roughly $1.44 million within the past 24 hours. This strategic move resulted in a substantial profit of over $3.7 million, with the tokens sold at $8.38 each, according to a June 18 post by Lookonchain.

Despite the large sale, 28% of the whale’s portfolio remains in TRUMP tokens, valued at approximately $372,000. The largest holding in their wallet is BasedAI (BASEDAI) tokens, worth $921,000, making up over 71% of their portfolio. At its peak valuation on June 2, the wallet was worth $7.53 million, as reported by CoinStats.

The whale began securing profits just as the TRUMP token’s price started to decline. Over the past 24 hours leading up to 9:00 am UTC, the token’s value dropped more than 30%, trading at $7.88. On a weekly basis, the memecoin has fallen over 37%, according to CoinMarketCap data.

This downturn in Trump-related cryptocurrencies follows rumors of an “official” token launch on the Solana blockchain by Donald Trump’s team. A June 17 post by Pirate Wires suggested that Trump’s 18-year-old son, Barron, was spearheading the project named TrumpCoin (DJT). However, Trump’s team has not confirmed this, and blockchain data firms like Bubblemaps assert that DJT is not linked to the former president.

The broader memecoin market is experiencing declines, with other major holders also reacting. Popular memecoins such as Dogecoin (DOGE) and Shiba Inu (SHIB) have seen their values drop by 13% and 18%, respectively, within the last day. Pepe (PEPE) decreased by 13%, and the Solana-based Dogwifhat (WIF) fell over 20%, based on CoinMarketCap statistics.

Overall, the market capitalization of memecoins has decreased by 9.4% to $46.6 billion in the last 24 hours, while trading volume surged by 79% to $6.25 billion. Other TRUMP token whales are also locking in profits, with wallet “0x35D1” selling for a $648,000 profit and trader sighduck.eth achieving over 1,500% gain, netting $1.88 million.