- Whales have significantly offloaded meme coins named after US presidential candidate Donald Trump for profit-taking.
- On-chain data and analytics provider Lookonchain reported large sell-offs in Trump-inspired meme coins on June 18.
- One wallet, identified as 0x52C0, sold $1.44 million worth of 171,842 TRUMP coins at $8.38 each within 24 hours.
This article delves into recent significant sales of Donald Trump-themed meme coins by crypto whales, the market’s reaction, and what these movements could indicate for future investors.
Massive Profit-Taking by Crypto Whales
Over the past day, substantial profit-taking activities were observed among high-profile crypto whales involving the TRUMP meme coin. The move was highlighted by Lookonchain, which detailed how these whales capitalized on the coin’s recent surge to convert their holdings into Ethereum and USD Coin (USDC). A wallet labeled 0x52C0 executed an array of transactions totaling $1.44 million in Ethereum, selling 171,842 TRUMP tokens at an average price of $8.38. This wallet realized a staggering 1,428% return on its initial investment, accumulating a total profit of $3.7 million.
Whales’ Transactions and Market Impact
Another notable transaction was recorded by a wallet named “Sighduck.eth,” which liquidated 173,542 TRUMP tokens for $1.25 million in USDC. The profit margin for this particular whale stood even higher, with a 1,500% increase from the original investment, netting an unrealized gain of $1.88 million. Additionally, the wallet designated 0x35D1 shifted $703,600 worth of 204 Ethereum into 128,059 TRUMP tokens, achieving a 1,164% gain and securing $648,000 in profits.
Investor Reactions to Whale Movements
The swift and substantial sell-offs by these large holders have not gone unnoticed, sparking a level of unease among retail investors. The sudden liquidation of over tenfold gains by these whales signals a consolidation phase that may induce volatility in the short term. According to CoinGecko, the price of TRUMP has plummeted by nearly 30%, trading at $7.48 during the time of writing.
Conclusion
The significant profits taken by these whales from the TRUMP meme coin highlight both the lucrative potential and the inherent volatility of investing in meme coins. While the whales’ actions have instilled some nervousness among other investors, it also provides a valuable lesson on the importance of strategic profit-taking and risk management. As the market reacts to these large-scale liquidations, investors should remain vigilant and informed about future trends and movements within the meme coin arena.
