Crypto Whales Witness Massive Loss After TRUMP Coin Plummets

• TRUMP meme coin drops 30.91% in 24 hours, with whales incurring $7M in unrealized losses.
• Solana’s TRUMP token plunges from $57.29 to $39.82, trading volume spikes to $26.47B.
• Crypto whale loses $7M as the meme coin TRUMP drops by 30%, impacting Solana ecosystem.

After the U.S. presidential inauguration, notable actions concerning meme coins like TRUMP and MELANIA were observed in cryptocurrency, especially on the Solana blockchain. There has been a significant drop in the market price of the TRUMP coin alongside a large transaction volume, signifying sales and transfers from high-volume holders or ‘whales.’ 

During these transactions, one whale lost an unrealized loss of around $2.47 million after buying TRUMP tokens at an average price of $58.03 and watching the price drop.

Whale’s Losses Exceed $7 Million

According to an on-chain analyst, the whale swapped $9.5 million for 187,360 TRUMP tokens at an average price per token of $58.03. However, the investment in creating TRUMP declined, and the whale suffered an unrealized loss of around $2.47 million.

Moreover the whale holds 1.82 million MELANIA tokens worth around $10.98 million. The average entry price for these tokens was $7.78. From the current market value, MELANIA’s price too has plummeted profoundly, making the whale’s total loss even prominent.

According to blockchain data, several transactions have come from the wallet, highlighting the scale of the whale’s investments and the unrealized losses they are now facing. In one transaction, over 193,700 TRUMP tokens — worth over $6.8 million — were transferred, highlighting the volatility of meme coins.

TRUMP Token Market Declines After Initial Surge

The TRUMP token saw an amazing launch, with an over 440% gain in the first few trading days. The recent U.S. Presidential inauguration saw Donald Trump take his second oath as the 47th President, after which the token’s price crashed by over 40% in less than 24 hours. Other major Solana-based memes like MELANIA, BONK, and WIF also had high sell-offs.

According to on-chain analyst Look On Chain, multiple transactions on the TRUMP tokens occurred, including sales and transfers of TRUMP tokens to unknown wallets. A whale that sold 194,799 TRUMP tokens at $35.04 lost a realized $2.55m, making it one of the more notable transactions. 

In a separate transaction, more than 1.62 million TRUMP tokens, or about $67 million, were transferred to another wallet, sparking speculation that anticipates a sell-off.

Broader Meme Coin Market Faces Decline

The Solana meme coin market has experienced a major decline, and MELANIA tokens are no exception, dropping more than 62% in the last 24 hours. BONK and WIF tokens have also followed the trend, with losses of 1.7% and 5.4%, respectively. The decline in meme coin prices has been blamed on market manipulation, with recent developments pointing to pump-and-dump schemes with other Solana tokens.

But some investors are betting on a comeback for the meme coin market. Traders have been optimistic and Coingecko has signaled buy signals for BONK and WIF. Though large investors report significant losses, sentiment around TRUMP and other Solana meme coins remain cautious.

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