Amid a turbulent market sell-off, a memecoin whale has secured a substantial profit from their MAGA (TRUMP) tokens. The wallet holder identified as “0x52C0” sold over 171,000 TRUMP tokens, receiving 414 Ether (ETH), equivalent to approximately $1.44 million within the past 24 hours. This savvy move resulted in an overall profit of more than $3.7 million on their investment.

According to Lookonchain on June 18, the whale sold their TRUMP tokens at a price of $8.38. Despite the significant sale, 28% of the whale’s portfolio still consists of TRUMP tokens, valued at around $372,000. The recent decline in the value of TRUMP tokens coincided with the whale’s decision to lock in profits. According to CoinMarketCap, the TRUMP token fell by more than 27% over the past week, but it recovered by 38% in the past 24 hours and is now trading at $9.03.

The drop in TRUMP token prices is partly attributed to rumors about the launch of an official Trump cryptocurrency on the Solana platform. Pirate Wires claimed in a June 17 X post that Barron Trump, the 18-year-old son of former President Donald Trump, is leading the launch of a token called TrumpCoin (DJT). However, there has been no official confirmation from Trump’s team, and blockchain analysis firms like Bubblemaps have expressed skepticism about any connection between DJT and the former president.

Other memecoins also suffered significant sell-offs. Leading memecoins such as Dogecoin (DOGE) and Shiba Inu (SHIB) fell by 8.8% and 13.6%, respectively, over the past week. Pepe (PEPE) dropped by 8.8%, while Solana-based Dogwifhat (WIF) fell by more than 16.2%, according to CoinMarketCap.