Trump’s official meme coin has crashed over the past two days as data shows many whales have started cashing out.
The official price of Trump (TRUMP) fell to $38.50 on Tuesday, down about 50% from its high on Sunday. This crash brought its market valuation down to around $7.6 billion.
Data compiled by Nansen reveals that the most profitable TRUMP whales sold most or all of their holdings to turn a profit.
The most profitable TRUMP wallet recorded a total profit of $57 million and sold most of its tokens. It still holds an unrealized profit of $13 million, suggesting the holder expects the coin to recover.
The second largest whale made a total profit of $53 million, but sold all its holdings. Another wallet made a profit of $34 million and sold 84% of its tokens. These numbers, as shown below, suggest that whales have booked profits and potentially left many retail investors in the lurch.
Additional data from CoinCarp shows that the number of official Trump coin holders is also declining. As of Monday, there were 847,335 holders, a number that has since fallen to 832,200. This downward trend could continue.
Most meme coins tend to follow similar price patterns: an initial rise fueled by FOMO-driven speculators, followed by a sharp crash. This trend has repeated itself several times during the current cryptocurrency bull run.
For example, Popcat (POPCAT) reached an all-time high of $2.10 in 2024 before crashing more than 78%. Similarly, Kekius Maximus reached $0.3978 earlier this year after Elon Musk changed his X name and profile picture. Since then, it has plunged 92%.
Even even older pieces were not spared. Shiba Inu remains 75% below its all-time high of $0.00008577, while Dogecoin is down more than 51% from its high.
A significant risk for official Trump and Melania Trump tokens is that their ongoing crashes could result in legal action. Cryptocurrency promoters have previously faced lawsuits for endorsing tokens on their social media platforms. Notably, Hawk Tuah Girl was sued after her $HAWK meme coin crashed. Similar cases could arise if Trump tokens continue to suffer massive losses, particularly if retail investors allege fraud or manipulation.
