- The cryptocurrency market is currently roiling with large-scale sell-offs in Trump-associated coins and rumors about former U.S. President Donald Trump’s potential new meme coin project.
- This development has caught the attention of both investors and industry analysts, raising significant concerns.
- Of particular note are the notable price declines and substantial gains recorded by key players in the market.
Discover the latest upheavals in the crypto world as rumors swirl about Donald Trump’s potential new meme coin project, triggering wide-scale sell-offs and market disruption.
MAGA Coin’s Recent Price Drop
Over the last 24 hours, the price of MAGA (TRUMP), a meme coin closely associated with Donald Trump, has plummeted by 31.93%, settling at $7.67. This significant decline is primarily attributed to large-scale sell-offs by major investors, known as whales. According to data from CoinMarketCap, these whales have offloaded considerable amounts of TRUMP tokens, realizing substantial profits.
Details of Whale Movements and Market Impact
Whales have made staggering profits from these trades:
- 0x52C0 sold 171,842 TRUMP tokens for $1.44 million, netting a profit of $3.7 million (approximately 1428% return).
- sighduck.eth sold 173,542 TRUMP tokens for $1.25 million, achieving a profit of $1.88 million (approximately 1500% return).
- 0x35D1 sold 128,059 TRUMP tokens for $703,600, gaining a profit of $648,000 (approximately 1164% return).
These high-volume sales have created a domino effect, resulting in a widespread sell-off across the market. Investors seeking to realize gains and uncertainty surrounding rumors about a new TrumpCoin project are the key factors driving MAGA coin’s price down.
DJT Coin Rumors Shake the Market
The market turbulence has been exacerbated by circulating rumors that Donald Trump might launch an official cryptocurrency on the Solana blockchain, tentatively named TrumpCoin or DJT. This speculation has particularly unsettled holders of TRUMP and other Trump-related meme coins, prompting many to reconsider their positions and sell off assets.
“Getting a lot of inbound here. No, didn’t speak with Trump directly, assumed this was clear (text me though, Mr. President). Also assume he could rug pull, or pivot, say it’s not true. Just reporting what I know via sources.” — Mike Solana (@micsolana) June 17, 2024
The DJT rumor has not only affected TRUMP but also other Trump-themed meme coins like Tremp (TREMP), which has experienced substantial dips. TREMP, for example, has plummeted by 32%, reflecting the overall volatility among Trump-themed tokens.
Is DJT Coin Really Linked to Trump?
The legitimacy of DJT coin remains uncertain. While some experts believe the token could indeed be linked to Trump, others suspect it might be a hoax. On the crypto prediction platform Polymarket, investors place the odds of Trump releasing a token by Friday at only 7%.
“Unless Trump’s team uses Kucoin (where you can’t buy crypto in the US), this ain’t Trump.” — Conor (@jconorgrogan) June 17, 2024
If the DJT rumor turns out to be true, it could have substantial ramifications for the crypto market, particularly for tokens linked to political figures. Experts warn that the introduction of DJT could negatively impact the market value of SOL coins. Conversely, if the token is revealed to be fraudulent, it could tarnish Solana’s reputation and lead to a decline in SOL coin prices.
Conclusion
In summary, the cryptocurrency market is experiencing significant turmoil due to large-scale sell-offs and rumors surrounding a possible Trump-linked meme coin. Investors and analysts are closely monitoring these developments, as the market’s future could hinge on the veracity of the DJT coin rumors. As the situation unfolds, investors should stay informed and be prepared for potential market shifts.
