The leading meme coin TRUMP price has plunged more than 30% today, sparking speculations in the broader crypto market. Notably, the meme token associated with former President Donald Trump saw this dip as major investors, also known as whales offloaded 473,000 tokens.

This sell-off occurs amid swirling rumors of Trump launching an official TrumpCoin (DJT) on the Solana blockchain, sparking significant volatility in the crypto market.

Whale Sell-Off Drives TRUMP Price Dip

The TRUMP token, which has gained attention recently due to Trump’s increasing focus on the crypto sector, suffered a sharp decline as large holders, or “whales,” booked profits. Earlier this month, the token had reached an all-time high of $17.52, reflecting strong investor confidence.

However, the surge was short-lived as investors took the rocketing price as a profit-booking opportunity. As a result, the price of the meme coin plummeted after substantial selling activity from prominent whales.

Meanwhile, on-chain transaction tracking platform Lookonchain reported notable transactions that contributed to the price slump. One whale, known as 0x52C0, sold 171,842 TRUMP tokens for 414 ETH, worth $1.44 million, at $8.38 per token. Notably, this sale resulted in a profit of approximately $3.7 million, a staggering 1428% return on investment.

On the other hand, another significant trade involved sighduck.eth, who sold 173,542 TRUMP for 1.25 million USDC in a single transaction, making a $1.88 million profit, translating to a 1500% gain. Simultaneously, a third whale, 0x35D1, sold 128,059 TRUMP for 204 ETH, worth $703,600, achieving a profit of $648,000 or witnessing a return of 1164%.

These sales by high-volume investors triggered a broader sell-off, leading to a sharp decline in MAGA’s (TRUMP) price. The profit-taking by whales, combined with the uncertainty surrounding the rumored launch of TrumpCoin, has created a volatile environment for MAGA holders.

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TrumpCoin (DJT) Rumors Stir Market Uncertainty

The market turmoil coincides with reports suggesting that Donald Trump plans to launch an official cryptocurrency, TrumpCoin, on the Solana blockchain. The new coin, rumored to have the ticker DJT, has caused unease among investors, particularly those holding TRUMP and other Trump-related meme coins. This development has prompted many to reassess their positions, leading to significant sell-offs.

The impact of these rumors extended beyond TRUMP. Other meme coins associated with the former U.S. president, such as Doland Tremp (TREMP), also experienced declines. TREMP, for instance, witnessed a 32% drop, reflecting a broader trend of market volatility among Trump-themed tokens.

Meanwhile, as of writing, the TRUMP price fell 31.93% over the last 24 hours and exchanged hands at $7.67. Over the last 24 hours, the meme coin has touched a high of $11.10, and a low of $5.55, reflecting the heightened volatile scenario of the crypto.

MAGA (TRUMP) Price

Notably, the token touched an all-time high on June 1, while giving a return of nearly 46,000% since its launch in August 2023. Furthermore, TRUMP’s one-day trading volume skyrocketed 1006% to $74.40 million as of writing.

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The post TRUMP Whales Offload 473K Tokens, What’s Happening? appeared first on CoinGape.

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Filed under: News - @ June 18, 2024 10:15 am