Crypto Whales Shift $74M in TRUMP Tokens Amid Growing Selloff Concerns

• 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.