The cryptocurrency market faced a sharp downturn on Tuesday, with meme coins Trump (TRUMP) and Melania (MELANIA) experiencing significant sell-offs by whales. These massive sales have raised concerns about the potential for a continued downward trend in the market.
According to data released by SpotOnChain on February 25th, a whale known as DNTpo sold approximately 13.98 million Melania tokens for 14.32 million USDC. This transaction resulted in a loss of about 14.9 million dollars (51%) over the past month.
Whales Dump TRUMP and MELANIA at a Million-Dollar Loss!
At the same time, another whale, EwkH5, sold around 763,483 Trump tokens for 9.47 million USDC, incurring a loss of 25.5 million dollars (72%).
Additionally, another trader swapped Trump tokens for USDC, resulting in a loss of approximately 24 million dollars. This trader had previously made millions in profits, but the extreme price volatility of the Trump token led to substantial losses.
This situation has sparked widespread speculation about the potential for a price rebound for these cryptocurrencies. Currently, the price of Melania has dropped by 26% compared to the previous day, reaching $0.89. Meanwhile, the price of Trump has fallen by 15% on the day, decreasing to $12.64.
In the middle of this turmoil, a well-known market analyst, Vegeta, has predicted that the prices of these tokens might reach a bottom in the next few weeks, after which they could move towards a target range of $30-35.
Market Sentiment and Future Prospects
The recent sell-offs by whales have intensified the bearish sentiment surrounding these political meme coins. The significant losses incurred by large holders and traders indicate the high-risk nature of these investments, especially in the volatile cryptocurrency market.
The massive sell-offs have led to a sharp decline in the prices of both TRUMP and MELANIA tokens. This has prompted concerns about the long-term viability of these coins, as their values are largely driven by speculation and social media trends rather than fundamental factors.
Analyst Predictions and Investor Caution
Analyst Vegeta’s prediction of a potential price rebound offers a glimmer of hope for investors who have seen their portfolios significantly impacted by the recent downturn. However, the volatile nature of these tokens means that any price recovery could be short-lived and subject to rapid changes.
Investors are advised to exercise extreme caution and carefully consider the risks associated with investing in meme coins. The market for these tokens is highly speculative and can be influenced by a wide range of factors, including social media trends, celebrity endorsements, and broader market conditions.
In conclusion, while the recent sell-offs by whales have exacerbated the downward pressure on TRUMP and MELANIA tokens, the possibility of a future price recovery cannot be entirely ruled out. However, investors should remain vigilant and be prepared for further volatility as the market continues to evolve.
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