In the ever-changing world of cryptocurrency, significant shifts can offer insights into investor behavior and market sentiments. Recently, the memecoin TRUMP has attracted significant attention, particularly from large holders known as “whales” who have seized the opportunity to cash in their profits at an unprecedented rate.
This trend has been highlighted in the latest report from Lookonchain, a highly respected provider of on-chain data. The report indicates that the market price of TRUMP coins has taken a significant hit as a result of a sudden sell-off.
According to Lookonchain, a whale identified only by the wallet address ‘0x52C0’ conducted a substantial sale, selling 171,842 TRUMP for 414 ETH, which is equivalent to around $1.44 million. This transaction resulted in an impressive profit of 1428%, totaling approximately $3.7 million. Another noteworthy transaction involved the address ‘sighduck.eth’, which sold 173,542 TRUMP for 1.25 million USDC, generating a profit of $1.88 million, representing a 1500% increase. Additionally, ‘0x35D1’ sold 128,059 TRUMP for 204 ETH, amounting to $703.6K, achieving a profit margin of 1164%.
The sell-off by these TRUMP coin whales not only brings substantial profits to the holders but also impacts the broader TRUMP coin market. Over the past 24 hours, the price of TRUMP has plunged by 31.6%, dropping below $8 to its current price of $7.60. This decline is part of a larger bearish trend observed over the past week, with the coin experiencing a 40% drop.
The wave of TRUMP coin whales selling off their holdings may indicate shifts in sentiment within a memecoin market characterized by volatile price fluctuations, where large sell orders can have significant consequences.
