Maga Memecoin TRUMP/USD Suffers Downtrend as Whale Dumps $1.5M Worth of Tokens

Maga Memecoin official statistics show that an additional $765,697 worth of TRUMP has been burned and removed from the total supply.

A whale has dumped 100,099 Maga Memecoin (TRUMP) tokens in two hours, leading to a 7.6% drop in the meme coin's price.

According to Spot On Chain data, the whale sold the TRUMP tokens for 184 Ethereum (ETH) at an average price of $6.41. The total value of the dump is $642,000.

The whale, who has been accumulating and selling TRUMP tokens since March 2024, now holds 5,248 TRUMP, valued at $489,000.

The whale's initial purchase was 495,000 TRUMP for 250,000 USDT at $0.505 on Jan.19. Throughout the whale's noted activity, an estimated total profit of $3.36 million is attained, marking an increase of +1,343% on the initial investment.

The whale's portfolio also includes USDT and ETH token holdings, and 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 has sold 419,752 TRUMP for $3.12 million worth of ETH and USDC.

As of the latest data, the whale's average selling price for TRUMP is $7.43, while the average buying price is $0.505, showing a +1,376% return on the initial investment. The whale's remaining TRUMP tokens are in the green, with an average price of $93.33.

Maga Memecoin's 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.

TRUMP lost 4.6% of its value in the past 24 hours, adding to its monthly loss of 61.7%. It is currently trading at a valuation of $300 million.

The institutional adoption of meme coins and Bitcoin as an asset class will be covered at Benzinga's upcoming Future of Digital Assets event on Nov. 19.

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