A large memecoin holder, or whale, has made a $3.7 million profit after selling their MAGA (TRUMP) tokens amid the current market sell-off.
Whale wallet “0x52C0” has sold over 171,000 TRUMP tokens for 414 Ether (ETH) worth $1.44 million in the past 24 hours, for a total profit on their investment of over $3.7 million.
The whale has been selling their TRUMP tokens at the $8.38 mark, according to a June 18 X post by Lookonchain.
Looking at the savvy whale, 28% of their wallet still consists of TRUMP tokens worth $372,000. Their largest holding is the BasedAI (BASEDAI) token, worth $921,000 at the time of writing and accounting for over 71% of the wallet.
At its peak valuation on June 2, the whale wallet was worth $7.53 million, according to CoinStats.
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Why is the TRUMP token down?
The whale started locking in their profits just as the TRUMP token started its price decline.
The token fell over 30% in the 24 hours leading up to 9:00 am UTC to trade at $7.88. The memecoin is down over 37% on the weekly chart, according to CoinMarketCap data.
Trump-related cryptocurrencies started falling amid rumors that Donald Trump’s team launched an “official” token on Solana.
Pirate Wires claimed in a June 17 X post that Trump’s 18-year-old son, Barron, was “spearheading” the token under the name TrumpCoin (DJT).
However, Trump’s team hasn’t confirmed the token launch, and blockchain data firms such as Bubblemaps seem confident that DJT isn’t linked to the presidential candidate.
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Memecoins are in the red, as other whales also smell trouble
Large holders are taking note of the marketwide memecoin sale, which saw some of the most popular meme tokens log double-digit gains.
Leading memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) fell 13% and 18% on the daily chart, while Pepe (PEPE) tanked 13%, and Solana-based Dogwifhat (WIF) fell over 20%, according to CoinMarketCap data.
The total market capitalization of memecoins fell 9.4% to $46.6 billion in the past 24 hours, while trading volume rose 79% to $6.25 billion.
Other TRUMP token whales have also taken note of the decline and started locking in profits. Wallet “0x35D1” sold their tokens for a $648,000 profit, while trader sighduck.eth sold their tokens for an over 1,500% gain of $1.88 million.