According to on-chain data, multiple large transactions involving TRUMP and MELANIA have taken place in the past few days.
By Mayowa Adebajo
Edited by Julia Sakovich
Updated
3 mins read
TRUMP TRUMP $10.23 24h volatility: 8.9% Market cap: $2.05 B Vol. 24h: $535.05 M and MELANIA MELANIA $0.64 24h volatility: 2.3% Market cap: $95.56 M Vol. 24h: $22.92 M tokens are two politically inspired meme coins currently seeing what might be their worst market declines ever. While the broader crypto market might be experiencing a downturn at the moment, meme coins have recently been the subject of huge backlash following the LIBRA token incident that led to the loss of tons of investor funds.
Furthermore, there have also been speculations that recent regulatory developments, particularly in the US, may see market liquidity begin to flow into DeFi, gaming, and NFTs. This translates to reduced activity for meme coins, as investors are expected to start shifting their focus to serious utility tokens.
The all-round situation has now left large holders, also known as whales, with no other options but to sell off their holdings.
According to on-chain data, multiple large transactions have taken place in the past few days. Put differently, a considerable amount of TRUMP and MELANIA coins are being dumped.
Notably, a whale with the address “DNTpo” reportedly sold 13.98 million MELANIA tokens for 14.32 million USDC USDC $1.00 24h volatility: 0.0% Market cap: $60.30 B Vol. 24h: $6.07 B . The transaction meant that this whale took a $14.9 million loss, as the token slipped over 51% in just a month.
Another whale “EwkH5” sold 763,483 TRUMP coins for 9.47 million USDC. Unfortunately, this records for a bigger loss of $25.5 million, or 72%, over the same period.
Meanwhile, it might be worth noting that the losses recorded by these tokens over the last month do not even compare to their recent losses. As of press time, CoinMarketCap data showed that MELANIA price had dropped 26% over the past day to reach $0.8969. The token hit a bottom and peak of $0.9000 and $1.2125 in the last 24 hours.
Similarly, TRUMP price crashed 15.46% intraday, closing in at $12.64. The coin’s 24-hour low and high were $12.61 and $14.99, respectively.
With the ongoing losses, it might be understandable why the whales are pushing out whatever is left of their holdings. First, they most likely are trying to avoid further losses. Moreover, they also do not appear to have enough to go on to hope in the ability of these tokens to pump anytime soon.
In all of this uncertainty, though, popular market analyst ‘Vegeta’ may have offered a glimmer of hope. Sharing insights on X, Vegeta noted that the TRUMP coin could take a few more weeks to find a bottom.
However, in the event that it does find stability, TRUMP could see a recovery that would bring its price to a range of $30-$35. Additionally, the analyst warned that new lows are also possible before any meaningful rebound would occur.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.
