TRUMP token was off to a stellar start but whales have now dumped the Solana meme coin or transferred the token to unknown wallets. This comes after the Donald Trump inauguration ceremony, an event that was expected to boost the confidence of crypto investors. Values of all major meme coins are down, especially Solana tokens including MELANIA.
Crypto Whales Dump TRUMP Meme Coin
A total of two transactions have surfaced, showing transactions of either sale or transfer of TRUMP tokens. They are collectively worth $74.22 million and have happened right after the US Presidential Inauguration, where Donald Trump took oath for the second time. The first transaction, as reported by Lookonchain through an X post, highlighted that a wallet named Ansem sold 194,799 TRUMP tokens worth approximately $6.83 million.
Source: Lookonchain, X
Ansem had spent 9.38 million USDC to buy these tokens at $48.14. The wallet has sold them at 35.04 thereby, losing around $2.55 million.
Another transaction, as reported by Whale Alert, highlighted that an unknown wallet transferred 1,621,351 TRUMP meme coins worth almost $67,392,467 to another unknown wallet. This has sparked speculation that more sell-offs could be on the way as the value of the TRUMP token continues to plunge sharply.
Source: Whale Alert
Simultaneously, the speculation further soared as the TRUMP meme coin noted a decline of over 40% in the last 24 hours. Notably, the meme coin has been on the investors’ radar lately, with Coinbase announcing support for TRUMP under the experimental category.
Solana Meme Coins Plunge
All major Solana meme tokens have plunged in the last 24 hours. This includes the likes of BONK and WIF, with both down by 1.7% and 5.4%, listed at $0.00002911 and $1.37, respectively. MELANIA is also down by 62.7%, exchanging hands at $4.13, followed by MEW which has lost 7.1% of its value during the same time window.
A decline in values across the Solana meme coin segment comes amid reports that Cuba may have sparked a pump-and-dump scheme. Investor scrutiny began when Cuba rug-pulled $158 million in 24 hours, during which it also recorded a market cap of $30 million.
Nevertheless, Coingecko is showing signals to buy the dips in BONK and WIF, with investors expected to adopt the same approach for TRUMP meme coins as well.
Sentiments Across Meme Coin Segment
All the major meme coins are down despite TRUMP gaining over 440% since its launch. CoinMarketCap shows that the value of DOGE, the leading meme coin in terms of market cap, has lost 6.62% over the past day and is now listed at $0.3409. Notably, the decline in DOGE price is accompanied by a fall of around 9% in SHIB price.
The inauguration ceremony of Donald Trump as the 47th US President has concluded, and he has expressed his resolve to sign major executive orders including the one related to cryptocurrencies. It now remains to be seen how long the ongoing sentiments last for the TRUMP meme coin and others on the list.
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