In the ever-changing world of digital currency, significant shifts often reveal insights into investor behavior and market sentiment. Recently, the memecoin TRUMP has captured the spotlight, particularly among “whales” – large holders who have seized the opportunity to cash in on their investments at an unprecedented rate.
This phenomenon has been highlighted in the latest report by Lookonchain, a reputable provider of on-chain data. The report indicates that the TRUMP coin market price has taken a significant hit due to a sudden surge in selling activity.
According to Lookonchain, a whale identified only by the wallet address ‘0x52C0’ carried out a substantial sale, unloading 171,842 TRUMP tokens for 414 ETH, equivalent to approximately $1.44 million. This transaction resulted in a remarkable profit of 1428%, amounting to roughly $3.7 million. Another noteworthy sale involved the wallet address ‘sighduck.eth’, which sold 173,542 TRUMP tokens for 1.25 million USDC, yielding a profit of $1.88 million – a staggering 1500% increase. Additionally, ‘0x35D1’ sold 128,059 TRUMP tokens for 204 ETH, totaling $703.6K and achieving a profit margin of 1164%.
The sell-off by numerous TRUMP whales has not only generated substantial profits for them but has also had a significant impact on the broader TRUMP coin market. In the past 24 hours, the price of TRUMP has plunged by 31.6%, dropping below $8 to its current value of $7.60. This decline is part of a larger bearish trend observed over the past week, resulting in a total drop of approximately 40%.
The wave of TRUMP coin whales divesting their holdings may indicate broader shifts in sentiment within the memecoin market, which is characterized by volatile price fluctuations and where large sell orders can have costly consequences.