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Crypto Whale Dumps Over 150K TRUMP Tokens: Is a Larger Market Drop Ahead?

Highlights:

  • A TRUMP investor has dumped his token holdings, which resulted in losses for him.
  • The whale trader forfeited $2.55 million following the exchange deposits.
  • Actions like the one elicited by the investor could elicit more selloffs from retailers.

After initially taking holders on a profitable spree, Donald Trump’s meme token, TRUMP, has taken a significant hit, which could elicit selloffs among the token holders. In one of its most recent tweets, renowned on-chain tracker Lookonchain spotted a massive TRUMP token shift by a whale investor. According to the on-chain tracker, a wallet labeled Ansem has dumped 194,799 TRUMP valued at about $6.83 million.

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While he must have cash in a considerable amount from the sales, Lookonchain noted that the sales resulted in significant losses for the trader. For context, he spent $9.83 million in USD Coin (USDC) to purchase the tokens. The investor bought the 194,799 TRUMP coins at $48.14 per token.

Unfortunately, the token didn’t sustain its bull run for long. It eventually succumbed to a pronounced decline that elicited fear among holders, including the Ansem-linked wallet investor. He sold his tokens for $35.04 per TRUMP coin to incure losses worth $2.55 million.

TRUMP’s Price Actions Justify the Investor’s Sell-off Decision

At the time of writing, TRUMP is down by about 28% in the past 24 hours, with a selling price of approximately $38.54. Within a daily timeframe, the memecoin reflected price extremes ranging between $31.58 and $55.23. While the lower price limit might have justified the trader’s dumping choice, the other extreme suggests that the trader could have made profits off his purchase.

Source: CoinGecko

Moreover, relative to its valuation when it struck its $73.43 peak level a few days ago, Trump’s market capitalization has splashed by over 50%. It is now worth about $7.6 billion, which saw the token drop significantly in rankings. It is now the twenty-eighth most valuable crypto. Meanwhile, while TRUMP’s price actions might seem unimpressive, its 24-hour trading volume is markedly high, with a $18.72 billion valuation.

Possible Implications of the Whale Selloffs

In crypto, actions like the one elicited by the whale trader in this insight are renowned for eliciting panic selloffs among investors, especially retailers. The dumping tendencies seem to get stronger, especially when whales start selling a particular token at prices lesser than the initial worth.

The scenes described above are possible outcomes that could play out if large investors sustain their sell-off sprees. Should such happen, it will leave a devastating impact on TRUMP’s price trajectory. Hence, it should not be surprising if the token continues depreciating, even beyond $30.

All Hope is Not Lost

While some categories of whale investors have chosen to be pessimistic about TRUMP’s future price actions, some optimists still exist. This group has shown strong faith in TRUMP amid uncertainties. Lookonchain tracked one of such positive traders in a separate tweet.

In the X post, the on-chain tracker stated that an anonymous investor invested $8.06 million worth of USDC in TRUMP. According to the tweet, the capital was enough to buy 237,757 TRUMP tokens at $33.91 per coin. Notably, the purchase occurred a few hours ago, which invariably implies that the whale is probably aware of the token’s price instabilities and potential for massive dumps.

Unlike the trader who dumped his TRUMP holdings, the anonymous investor was one of the early traders who made huge profits from the memecoin. Before the most recent procurement, he had previously earned $6.7 million in gains from TRUMP. He bought 310,850 of the meme tokens at $4.89 per coin, summing up his investment capital to $1.52 million. Eventually, he sold at $26.5 per token, amassing $8.24 million from the sales.

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