In the ever-changing world of cryptocurrency, significant fluctuations often provide insight into investor behavior and market sentiment. Recently, the meme-inspired TRUMP coin has attracted significant attention, particularly from large holders, or “whales,” who have seized the opportunity to cash in on their investments at an unprecedented rate.
This phenomenon has been highlighted in the latest report from Lookonchain, a reputable provider of on-chain data. The report reveals that the TRUMP coin market has experienced a significant drop in price as a result of a sudden sell-off by these whales.
According to Lookonchain, a whale identified only by the wallet address ‘0x52C0’ sold a substantial amount, unloading 171,842 TRUMP coins for 414 ETH, equivalent to approximately $1.44 million. This transaction resulted in an astounding profit of 1428%, amounting to around $3.7 million. Another noteworthy transaction involved the address ‘sighduck.eth’, which sold 173,542 TRUMP coins for 1.25 million USDC, yielding a profit of $1.88 million, a 1500% increase. Additionally, ‘0x35D1’ sold 128,059 TRUMP coins for 204 ETH, totaling $703.6K and achieving a profit margin of 1164%.
In the past 24 hours, many TRUMP coin whales have taken advantage of the opportunity to sell their holdings for profit. This influx of large transactions not only benefits the sellers but also impacts the broader TRUMP coin market. The price of TRUMP has dropped by 31.6% in the last day, falling below $8 to a current price of $7.60. This decline is part of a larger downward trend observed over the past week, with the coin experiencing a drop of approximately 40%.
The sell-off by TRUMP coin whales may indicate a shift in sentiment within the meme-inspired coin market, which is known for its volatile price fluctuations and the potential consequences of large sell orders.
