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Memecoin Market: The TRUMP Token Tumble

Memecoin whale profits $3.7M from TRUMP token amid market decline and rumors of an “official” Trump-related cryptocurrency launch.

Photo by Library of Congress / Unsplash

Whale's Profitable Exit

A memecoin whale, identified by wallet "0x52C0," has capitalized on their investment in the TRUMP token, securing a $3.7 million profit. Amidst the market downturn, the whale sold 171,000 TRUMP tokens for 414 Ether, equivalent to $1.44 million. Despite the sale, TRUMP tokens still comprise 28% of their portfolio.

Market Dynamics and Token Decline

The TRUMP token experienced a significant drop, plunging over 30% within 24 hours to $7.88 and over 37% weekly. This decline coincides with rumors of an "official" Trump-related cryptocurrency, potentially led by Barron Trump. Yet, no confirmation from Trump's team has emerged, casting doubt on the token's legitimacy.

Wider Impact and Other Whales' Actions

The memecoin market cap shrank by 9.4% to $46.6 billion, while trading volumes surged by 79%. Other whales have followed suit, with wallet "0x35D1" and trader sighduck.eth realizing profits of $648,000 and $1.88 million, respectively, indicating a broader trend of profit-taking among large holders.

This captures the essence of the TRUMP token's recent market movements and the actions of significant investors.