The TRUMP meme coin, which has been on a positive surge for quite some time, has suddenly experienced a selloff by several whale investors. According to data from Lookonchain, these whales have taken advantage of the coin’s price surge to lock in substantial profits.
One notable whale, identified as 0x52C0, sold 171,842 TRUMP tokens for 414 ETH (approximately $1.44 million) in the past 24 hours, realizing a 1428% profit on their investment.
Similarly, sighduck.eth sold 173,542 TRUMP for 1.25 million USDC in a single trade, pocketing a 1500% gain. Another whale, 0x35D1, sold 128,059 TRUMP for 204 ETH ($703.6k) in one transaction, securing a 1164% profit.
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Fake News Fuels TRUMP’s Surge
The recent surge in TRUMP’s price can be attributed to the circulation of fake news suggesting that Donald Trump himself had launched the meme coin on the Solana blockchain. This news, combined with Trump’s vocal support for cryptocurrencies and his willingness to accept crypto donations, attracted a flood of investors seeking to capitalize on the hype.
Despite the revelation that the news of Trump’s direct involvement in launching the meme coin was false, TRUMP remains the largest and most prominent meme coin in the ecosystem supporting the former U.S. president.
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Show more +Recovery on the Horizon
Although TRUMP has experienced a sharp correction of over 30% in the last 24 hours, many analysts believe that the coin is well-positioned for a recovery. Several factors contribute to this optimistic outlook:
- Ecosystem Dominance: As the leading meme coin in the pro-Trump cryptocurrency ecosystem, TRUMP benefits from a strong brand association and a dedicated community of supporters.
- Election Proximity: With the U.S. elections drawing closer, the heightened political atmosphere is expected to drive increased interest and investment in politically-themed cryptocurrencies, particularly those associated with major candidates like Donald Trump.
- Historical Performance: TRUMP has demonstrated its potential for explosive growth, surging by 65729.3% from its low in October 2023 to reach an all-time high of $17.51. While the recent correction has been major, the coin’s history suggests that it has the potential to rebound and reach new heights.
Read more: Why Is the Crypto Market Down Today?
The recent selloff by TRUMP whales has led to a sharp correction in the meme coin’s price. However, the coin’s strong position within the pro-Trump cryptocurrency ecosystem, coupled with the approaching U.S. elections and its historical performance, suggest that a recovery may be on the horizon.
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