Recent data indicates that some crypto whales are offloading TRUMP and MELANIA memecoins, despite large losses amidst massive market liquidations.
Whales' Massive Sell-off
According to Spot on Chain, crypto whales are selling memecoins, incurring substantial monthly losses. One whale sold nearly 13.98 million MELANIA coins for 14.32 USDC, taking a loss of $14.9 million—equating to a 51% monthly loss. Another whale sold over 763,000 TRUMP coins for $9.47 million USDC, exiting with a $25.5 million loss, corresponding to a 72% monthly loss.
TRUMP and MELANIA Price Drop
Both memecoins have seen sharp price declines amid massive crypto liquidations in the past hours. TRUMP is trading above $13, down by 13% today. Earlier, it was priced at $14.92. MELANIA has dropped by over 25% in the last 24 hours, trading above $0.91. The memecoins reached their all-time highs in January and have since fallen significantly.
Crypto Market Decline
The memecoins' price drop occurs amid a broader crypto market decline of 7.5%. Bitcoin prices also decreased by over 7% today.
The extensive sell-off of TRUMP and MELANIA memecoins by whales and the consequent price decline highlight the current volatility of the crypto market. This situation raises concerns about the market's current state and future dynamics.
