$TRUMP, also known as MAGA Memecoin, has entered a downtrend channel as its price saw a decline following the recent debate day.

Traders are describing this situation as the accumulation phase, where investors are strategically gathering assets at lower prices.

On-chain reports have revealed significant activity by a prominent whale, identified as 0x523. This whale swapped 100,099 TRUMP tokens, valued at approximately $642,000, for 184 ETH at an average price of $6.41. As of now, the whale holds 75,248 TRUMP tokens, worth around $489,000, with an impressive total profit of $3.36 million, marking a 1,343% increase.

Here’s a detailed breakdown of the whale’s transactions:

– On January 19, 2024, the whale purchased 495,000 TRUMP tokens for $250,000 USDT at a rate of $0.505 per token.
– Since March 10, 2024, the whale has sold 419,752 TRUMP tokens for $3.12 million in ETH and USDC, averaging $7.436 per token.

TRUMP Price Reacts As It Falls About 7.55% Following This Whales’ Action 

The recent sales by this whale have led to a 7.59% drop in TRUMP’s price within the last two hours.

Additionally, over the weekend, $765,697 worth of TRUMP tokens were burned, reducing the total supply and increasing the burn address holdings to 1.70%. This burning of tokens aims to create scarcity and potentially boost the token’s value in the long term.

Despite the current downtrend, these developments indicate significant market activity and strategic movements within the TRUMP token ecosystem.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: gorodenkoff/123RF // Image Effects by Colorcinch