In the midst of the current market downturn, a major memecoin investor, known as a “whale,” has reaped substantial profits by offloading their MAGA (TRUMP) tokens.

The whale, operating under the wallet address “0x52C0,” disposed of over 171,000 TRUMP tokens for 414 Ether, equivalent to a value of $1.44 million within the last 24 hours. As a result, the investor has realized a significant profit of over $3.7 million from this transaction.

A prominent investor has been strategically offloading their TRUMP tokens as they reached the $8.38 mark, as disclosed in a post by Lookonchain on June 18. Even after the sales, the investor’s portfolio still retains a significant 28% in TRUMP tokens, valuing at $372,000.

Their primary investment, however, lies in the BasedAI (BASEDAI) token, which currently holds a substantial value of $921,000, constituting over 71% of their portfolio.

As the large investors, also known as whales, began cashing in on their gains, the value of the TRUMP token started to plummet. Within the 24 hours leading up to 9:00 am UTC, the token experienced a significant decline of over 30%, reaching a trading price of $7.88.

According to CoinMarketCap data, this memecoin has witnessed a staggering drop of over 37% on the weekly chart.

Trump-related cryptocurrencies have indeed begun to decline following rumors alleging that Donald Trump’s team has introduced an “official” token on the Solana platform.