- Crypto whales sold $74.22M in TRUMP tokens after Trump’s inauguration, causing a 40% price drop within 24 hours.
- Solana meme coins, including MELANIA (-62.7%) and MEW (-7.1%), saw sharp declines amid pump-and-dump allegations.
- Major meme coins DOGE and SHIB also fell, losing 6.62% and 9%, respectively, reflecting broader market uncertainty.
The cryptocurrency market has experienced a sharp downturn following the mass sell-off of TRUMP meme coins by crypto whales. The events unfolded shortly after Donald Trump’s second presidential inauguration, an event initially expected to boost investor confidence in the crypto market. However, the TRUMP token has now plunged by over 40% in value within the last 24 hours, sparking widespread concerns among traders.
Whales Trigger Market Instability
Notably, recent blockchain data reveals two major transactions involving TRUMP meme coins worth $74.22 million. The first transaction, reported by Lookonchain, shows a wallet named Ansem selling 194,799 TRUMP tokens for $6.83 million. This sale represents a significant loss, as Ansem originally purchased the tokens for $9.38 million.
The second transaction, identified by Whale Alert, involved the transfer of 1,621,351 TRUMP tokens, valued at nearly $67.39 million, between two unidentified wallets. This has heightened speculation about further sell-offs and possible market manipulation.
Meme Coins Across Solana Take a Hit
Consequently, the downturn in TRUMP tokens coincides with falling values across the Solana meme coin segment. Popular tokens such as BONK and WIF have recorded losses of 1.7% and 5.4%, respectively. MELANIA has been hit the hardest, losing 62.7% of its value, while MEW has dropped by 7.1%.
More so, the losses come amid allegations of a pump-and-dump scheme orchestrated by a wallet linked to Cuba. Reports suggest this wallet caused a $158 million rug-pull, leading to heightened scrutiny of meme coin transactions. Despite the decline, market analysts are seeing buy signals for certain tokens, including BONK and WIF.
Market Sentiments Remain Uncertain
Furthermore, the TRUMP token’s decline has drawn attention due to its strong performance since its launch, which included a gain of over 440%. However, the ongoing sell-offs have dampened optimism across the cryptocurrency market. Major meme coins, including DOGE and SHIB, have also recorded significant losses.
DOGE has fallen by 6.62% in the past day, trading at $0.3409, while SHIB has dropped by 9%. The cryptocurrency market now faces uncertainty as investors assess the potential impact of these developments.
The post Crypto Whales Shift $74M in TRUMP Tokens Amid Growing Selloff Concerns appeared first on Cryptonewsland.
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