A significant holder of a memecoin, known as a whale, has earned a profit of $3.7 million by selling their MAGA (TRUMP) tokens during the current market downturn.
The whale wallet, labeled as “0x52C0,” has successfully sold more than 171,000 TRUMP tokens for 414 Ether (ETH) totaling $1.44 million within the last 24 hours. This resulted in a profit of over $3.7 million on their initial investment. According to a post on June 18 by Lookonchain, the whale has been offloading their TRUMP tokens when they reached the $8.38 mark.
Despite selling a portion of their TRUMP tokens, the savvy whale still retains 28% of their wallet invested in TRUMP tokens worth $372,000. Their primary holding is the BasedAI (BASEDAI) token, valued at $921,000 and constituting over 71% of their wallet.
At its highest value on June 2, the whale wallet was priced at $7.53 million as reported by CoinStats.
The decline in the TRUMP token’s value prompted the whale to begin cashing in their profits. The token dropped by over 30% in the 24 hours leading up to 9:00 am UTC, trading at $7.88. Over the week, the memecoin has fallen by more than 37% based on CoinMarketCap data.
The decrease in Trump-related cryptocurrencies started circulating due to rumors that Donald Trump’s team had introduced an “official” token on Solana. An article by Pirate Wires on June 17 suggested that Trump’s son, Barron Trump, was overseeing the token named TrumpCoin (DJT). However, the launch of the token has not been confirmed by Trump’s team, and blockchain data firms like Bubblemaps do not believe DJT is linked to the presidential candidate.
As the memecoin market experiences a widespread sell-off, other large holders are also noticing the trend. Dogecoin (DOGE) and Shiba Inu (SHIB) have declined by 13% and 18% on the daily chart, respectively. Pepe (PEPE) and Solana-based Dogwifhat (WIF) have also seen significant drops of 13% and over 20%, as per CoinMarketCap data.
The total market capitalization of memecoins has decreased by 9.4% to $46.6 billion in the past 24 hours, with trading volume increasing by 79% to $6.25 billion.
Following the decline, other TRUMP token whales have started to secure their profits. Wallet “0x35D1” sold their tokens for a profit of $648,000, while trader sighduck.eth made an impressive gain of over 1,500% totaling $1.88 million by selling their tokens.
In other news, Roaring Kitty’s GME shares have surpassed $1 billion, BTC open interest is on the rise, and more updates are covered in Hodler’s Digest from June 2-8.