Maga Memecoin (CRYPTO: TRUMP), the meme coin making up a chunk of the former president’s crypto portfolio, has been suffering from a strong downtrend in recent weeks.
What Happened: Spot On Chain data highlighted a whale who dumped 100,099 TRUMP, worth $642,000 at an average price of $6.41 for 184 Ethereum (CRYPTO: ETH) tokens in two hours. This led to a 7.6% price drop.
In mid-June, the same whale offloaded 103,759 TRUMP for $245.6 ETH, worth $867,000 within 19 hours.
Notably, the whale continues to hold 5,248 TRUMP, valued at $489,000, left with an estimated total profit of $3.36 million, up +1,343% on the initial investment. The whale's portfolio also includes USDT and Ethereum token holdings.
The whale's history reveals a purchase of 495,000 TRUMP for 250,000 USDT at $0.505 on Jan.19. On average since March 10, 2024, the whale sold 419,752 TRUMP for $3.12 million worth of ETH and USDC.
Also Read: TRUMP Leads PoliFi Meme Coin Rebound, DJT, BODEN, TREMP Also Rally Over 25%
Why It Matters: Maga Memecoin official statistics show that an additional $765,697 worth of TRUMP has been burned and removed from the total supply, moving the token's burn address up to 1.70% in holdings.
Crypto trader William noted that the TRUMP chart is healthy and currently consolidating at previous range highs. He expects the meme coin to run to all-time highs if Bitcoin turns around.
Full-time crypto trader Johnny Woo expects July to be a green month for the meme coin.
Price Action: In the past 24 hours, TRUMP lost 4.6% of its value, adding to its monthly loss of 61.7%. It is currently trading around a valuation of $300 million.
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image created using artificial intelligence with Midjourney.
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