- The price of TRUMP tokens plummeted by over 30% today as a significant investor sold nearly 500,000 tokens for profit.
- Recent market movements have amplified speculations about Donald Trump’s potential launch of the DJT token.
- Attention is drawn to the sharp reactions from major market players, and their transactions have dramatically influenced the token’s valuation.
Today’s sharp decline in TRUMP tokens highlights the market’s volatility, spurred by significant whale activity and ongoing rumors about Trump’s involvement in cryptocurrency.
Whale Sell-Off Triggers Sharp Decline in TRUMP Price
The TRUMP token, a prominent meme coin linked to former President Donald Trump, took a notable dip exceeding 30% following large-scale sell-offs by major investors. Recently peaking at an all-time high of $17.52, the token’s value was driven by enthusiastic investor interest. However, this interest waned as market whales capitalized on the high prices to lock in significant profits.
Data from on-chain analysis platform Lookonchain identified pivotal transactions responsible for this downturn. Specifically, a major holder with the alias 0x52C0 sold 171,842 TRUMP tokens in exchange for 414 ETH, approximately valued at $1.44 million at $8.38 per token. This sale netted the investor an impressive profit of nearly $3.7 million, marking a 1428% return on their initial investment.
Secondary Sell-Offs Magnify Market Impact
Continuing the trend, another whale, sighduck.eth, disposed of 173,542 TRUMP tokens, obtaining 1.25 million USDC in return, achieving a staggering 1500% profit with a $1.88 million gain. Additionally, 0x35D1 sold 128,059 TRUMP for 204 ETH, worth $703,600, resulting in a 1164% return and a profit of $648,000. Such significant trade activities have amplified the market’s volatility, leading to a widespread sell-off among TRUMP holders.
Uncertainty Spurs Amid Rumors of TrumpCoin (DJT) Launch
Fueling the turbulent market environment are reports suggesting that Donald Trump may launch an official cryptocurrency, dubbed TrumpCoin or DJT, on the Solana blockchain. These rumors have instilled uncertainty, prompting investors to reconsider their holdings in TRUMP and other related meme coins, culminating in further declines. For instance, Doland Tremp (TREMP) experienced a 32% drop as investors reacted to the news.
As of writing, TRUMP’s price has decreased by 31.93% in the past 24 hours, now trading at $7.67. Within the same timeframe, the token’s value fluctuated between a high of $11.10 and a low of $5.55, indicating significant market instability. Since its launch in August 2023, TRUMP has seen dramatic growth, peaking on June 1 after providing a nearly 46,000% return. Moreover, the trading volume surged 1006% to $74.40 million within the last day, underscoring the heightened interest and volatility surrounding the token.
Conclusion
In summary, the recent market actions surrounding TRUMP tokens underscore the significant influence of large investors and the impact of speculative news on the crypto market. The abrupt sell-offs by key players have induced a steep price decline, augmented by ongoing rumors about a potential TrumpCoin launch. Investors should remain cautious, considering the volatile nature of the market and the potential implications of further developments.
