The memecoin whale made an over 1,428% return on their initial investment in the TRUMP token.

A memecoin whale with the wallet address “0x52C0” has made a significant profit of $3.7 million after selling their MAGA (TRUMP) tokens amidst a market downturn. The whale offloaded over 171,000 TRUMP tokens for 414 Ether (ETH), equivalent to $1.44 million, taking advantage of the current market conditions. Despite the substantial sale, 28% of their holdings, worth $372,000, remain in TRUMP tokens, while their largest holding is BasedAI (BASEDAI) tokens, valued at $921,000.

Market Dynamics and Whale Activity

The whale began selling their TRUMP tokens at the $8.38 price point, coinciding with the token’s decline. TRUMP tokens experienced a sharp drop, falling over 30% in the 24 hours leading up to 9:00 am UTC to trade at $7.88, and seeing a 37% decline over the week. This selling activity followed rumors of an “official” Trump token launch on Solana, allegedly spearheaded by Donald Trump’s son, Barron. However, these claims have not been confirmed by Trump’s team, and blockchain data firms like Bubblemaps have indicated that the token is not linked to Trump.

Memecoin Market Overview

The downturn in the TRUMP token is part of a broader sell-off in the memecoin market. Prominent memecoins such as Dogecoin (DOGE) and Shiba Inu (SHIB) have also faced significant declines, with DOGE down 13% and SHIB down 18%. Similarly, Pepe (PEPE) dropped by 13%, and Solana-based Dogwifhat (WIF) fell by over 20%. This has led to a 9.4% decrease in the total market capitalization of memecoins, now standing at $46.6 billion, although trading volume surged by 79% to $6.25 billion.

Profit-Taking by Other Whales

Other large holders have also been selling off their TRUMP tokens to secure profits. Wallet “0x35D1” made a $648,000 profit, while trader sighduck.eth achieved an impressive 1,500% gain, netting $1.88 million. These actions indicate a strategic move by major holders to capitalize on their investments before potential further declines in the memecoin market.

Conclusion

The recent sell-off by the whale “0x52C0” and other significant holders highlights the volatility and rapid profit-taking behavior in the memecoin market. The decline in TRUMP tokens and other memecoins suggests a cautious approach by investors in the current market environment. As rumors and speculative trading continue to influence prices, the memecoin market remains a dynamic and unpredictable segment of the cryptocurrency landscape.