Major whale transactions spark a 30% drop in TRUMP token within 24 hours.
Solana meme coins, including MELANIA, record major losses, putting investors in panic mode.
So much has been happening behind the scenes of crypto since the Donald Trump inauguration ceremony on Monday, January 20. However, activity around the TRUMP token has recently caught the eyes of keen observers.
Before the event, investors had very high hopes for crypto. This is especially true for meme coins, such as TRUMP, that are tied to the president. However, though the coin started off brilliantly by quickly appreciating in value after launch, the Solana meme coin has now gone down significantly in the past few hours. This is, alongside other major meme coins like MELANIA .
Crypto Whales Sell Off TRUMP Meme Coin
Meanwhile, analytics platform Lookonchain has a major transaction involving TRUMP tokens. According to Lookonchain, a wallet, with the name Ansem, sold 194,799 TRUMP tokens, valued at $6.83 million. However, that is not the catch. Ansem had bought the tokens at the average prices of $48.14 before selling them at $35.04 per coin yesterday. This means that the wallet registered a loss of about $2.55 million with the sale.
Whale Alert reported another transaction after an unidentified wallet moved 1,621,351 TRUMP meme coins to another unknown wallet.
Together, the two separate transactions are worth $74.22 million and are said to have taken place moments after took an oath of office for the second time.
As would be expected, the sell-offs have sparked fears among meme coin enthusiasts and investors. However, they can not tell whether or not more sell-offs will be happening soon.
Either way, the TRUMP token continues to decline heavily and has lost over 30% in the last 24 hours, according to CoinMarketCap . Although, as of publication, it has posted some slight recovery as the price stood around $40.69.
Solana Memecoins Down But Hopes Remain
TRUMP’s decline is not an isolated occurrence as all major Solana meme tokens are also experiencing a downturn. MELANIA has it worse, showing an over 54% decline in the past 24 hours. BONK and WIF are also down by 15.78% and 13.70%, respectively, with every other coin in the category recording various degrees of losses in the same time frame.
Despite the current situation, CoinGecko is showing that it may be the time for BONK and WIF investors to buy the dip. Similarly, investors will likely take the same approach with TRUMP meme coins as President Trump settles in, and his executive orders begin to take effect.
