Shiba Inu

A large memecoin holder, or whale, has made a $3.7 million profit after selling their MAGA (TRUMP) tokens amid the current market sell-off.
Whale wallet “0x52C0” has sold over 171,000 TRUMP tokens for 414 Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) worth $1.44 million in the past 24 hours, for a total profit on their investment of over $3.7 million.
The whale has been selling their TRUMP tokens at the $8.38 mark, <a href="https://x.com/lookonchain/status/1802966623592329565" target="_blank" rel="noopener nofollow">according</a> to a June 18 X post by Lookonchain.
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 Wallet ‘“0x52C0,”&nbsp;TRUMP token sales. Source: Lookonchain
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Looking at the savvy whale, 28% of their wallet still consists of TRUMP tokens worth $372,000. Their largest holding is the BasedAI (BASEDAI) token, worth $921,000 at the time of writing and accounting for over 71% of the wallet.
At its peak valuation on June 2, the whale wallet was worth $7.53 million, <a href="https://coinstats.app/address/0x52C02b3e4d9B414B004De79CCFb8D3cF63c79ffb/" target="_blank" rel="noopener nofollow">according</a> to CoinStats.
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 Wallet&nbsp;“0x52C0,”&nbsp;holdings. Source: CoinStats
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Related: <a href="https://cointelegraph.com/news/bitcoin-runes-earn-2500-btc-fees-2-months">Bitcoin Runes racks up over 2,500 BTC in fees under 2 months</a>
<h2 data-ct-non-breakable="true" id="why-is-the-trump-token-down">Why is the TRUMP token down?</h2>
The whale started locking in their profits just as the TRUMP token started its price decline.
The token fell over 30% in the 24 hours leading up to 9:00 am UTC to trade at $7.88. The <a href="https://cointelegraph.com/explained/can-memecoins-be-used-as-real-currency">memecoin</a> is down over 37% on the weekly chart, <a href="https://coinmarketcap.com/currencies/maga/" target="_blank" rel="noopener nofollow">according</a> to CoinMarketCap data.
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 <img src="https://s3.cointelegraph.com/uploads/2024-06/454f4fdd-b982-49f0-8198-5f9f835bfba4.jpeg" alt="" title="">
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 TRUMP/USDT, 4-hour chart. Source: CoinMarketCap
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Trump-related cryptocurrencies started falling amid <a href="https://cointelegraph.com/news/maga-trump-token-falls-31-percent-rumors-trump-launched-memecoin">rumors that Donald Trump’s team</a> launched an “official” token on Solana.
Pirate Wires <a href="https://x.com/PirateWires/status/1802825492405669930" target="_blank" rel="noopener nofollow">claimed</a> in a June 17 X post that Trump’s 18-year-old son, Barron, was “spearheading” the token under the name TrumpCoin (DJT).
However, Trump’s team hasn’t confirmed the token launch, and blockchain data firms such as Bubblemaps <a href="https://x.com/bubblemaps/status/1802837625381777812" target="_blank" rel="noopener nofollow">seem</a> confident that DJT isn’t linked to the presidential candidate.
Related: <a href="https://cointelegraph.com/news/bitcoin-price-clusters-downside-btc-64k-support">Bitcoin price ‘clusters’ hint at more downside: Is BTC about to lose $64K support?</a>
<h2 data-ct-non-breakable="true" id="memecoins-are-in-the-red-as-other-whales-also-smell-trouble">Memecoins are in the red, as other whales also smell trouble</h2>
Large holders are taking note of the marketwide memecoin sale, which saw some of the most popular meme tokens log double-digit gains.
Leading memecoins Dogecoin (<a href="https://cointelegraph.com/doge-price-index">DOGE</a>) and Shiba Inu (<a href="https://cointelegraph.com/shiba-inu-price-index">SHIB</a>) fell 13% and 18% on the daily chart, while Pepe (<a href="https://cointelegraph.com/pepe-price-index">PEPE</a>) tanked 13%, and <a href="https://cointelegraph.com/news/how-to-create-a-memecoin-on-solana">Solana-based</a> Dogwifhat (WIF) fell over 20%, <a href="https://coinmarketcap.com/view/memes/" target="_blank" rel="noopener nofollow">according</a> to CoinMarketCap data.
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 Top memecoins by market capitalization. Source: CoinMarketCap
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The total market capitalization of memecoins fell 9.4% to $46.6 billion in the past 24 hours, while trading volume rose 79% to $6.25 billion.
Other TRUMP token whales have also taken note of the decline and started locking in profits. Wallet “0x35D1” sold their tokens for a $648,000 profit, while trader sighduck.eth sold their tokens for an over 1,500% gain of $1.88 million.
Magazine: <a href="https://cointelegraph.com/magazine/roaring-kittys-shares-1b-gme-rally-btc-open-interest-soars-hodlers-digest-june-2-8/">Roaring Kitty’s GME shares hit $1B, BTC open interest soars, and other news: Hodler’s Digest, June 2–8</a>

TRUMP token whale sells for $3.7M profit as memecoin starts decline

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