Over the past 24 hours, crypto whales have moved more than $74 million in TRUMP tokens, contributing to a significant decline in the value of the popular meme coin. This mass selloff follows the U.S. presidential inauguration of Donald Trump and has sparked concerns about further price drops for TRUMP and other Solana-based meme tokens.
Whales Dump TRUMP Tokens After Inauguration
Two major transactions have surfaced, showing the transfer or sale of TRUMP tokens worth a combined total of $74.22 million. These moves occurred shortly after Donald Trump’s second presidential inauguration. One notable sale, tracked by Lookonchain, saw the wallet ‘Ansem’ sell 194,799 TRUMP tokens for approximately $6.83 million, resulting in a loss of $2.55 million. Ansem had originally purchased the tokens for $48.14 each and sold them for $35.04.
Meanwhile, another large transfer was identified by Whale Alert, with an unknown wallet moving over 1.6 million TRUMP tokens—valued at about $67.4 million—into another unknown address. This has fueled speculation that additional selloffs are imminent as the TRUMP token continues to lose value, having dropped by over 40% in just one day.
Solana Meme Coins Suffer Across the Board
The downturn extends beyond the TRUMP token, affecting all major Solana meme coins. BONK, WIF, and MELANIA have experienced losses of 1.7%, 5.4%, and 62.7% respectively in the past 24 hours. MELANIA, in particular, has been hit hard, with its value now sitting at just $4.13. These declines have raised concerns about a possible market correction or pump-and-dump scheme, especially after Cuba’s reported rug-pull of $158 million within 24 hours.
Investor Sentiment and Market Outlook
Despite the sharp declines, some analysts suggest that the dip in TRUMP’s price might present a buying opportunity, with Coingecko signaling potential rebounds for meme coins like BONK and WIF. However, the broader meme coin segment is facing significant losses. DOGE, the largest meme coin by market cap, has dropped 6.62% in the past day, while SHIB has fallen by 9%.
As Donald Trump completes his inauguration and looks to implement new executive orders, including those affecting the cryptocurrency market, the fate of the TRUMP token and other meme coins remains uncertain. The market will be closely watching how these coins perform in the coming days, particularly in light of investor concerns and market volatility.
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