Crypto Traders Show Heightened Interest in Trump-Themed Memecoins

• Crypto Whale sells 103,759 TRUMP coins, equivalent to $867,000, for profit.
• The Whale made $3.66 million in the transaction, reflecting a 1,463% gain.
• Crypto traders are showing increased interest in ETH and DJT.

Spot On Chain, an AI-driven cryptocurrency analytics platform, has revealed a significant whale transaction involving the Trump-themed memecoin, TRUMP. The whale offloaded 103,759 TRUMP coins, valued at $867,000, amid ongoing controversies surrounding the Trump-themed memecoin.

According to Spot On Chain, the transaction was profit-motivated, given the whale’s historical involvement with TRUMP. The analytics platform stated that the unnamed whale used 250,000 USDT to purchase 495,000 TRUMP on January 19, 2024. After the recent selloff, only 386,000 TRUMP, equivalent to $3 million, remains in the whale’s portfolio.

Meanwhile, Spot On Chain estimated the total profit for the whale in the recent transaction at $3.66 million, reflecting a gain of 1,463%. For context, the analytics platform emphasized the profit as an estimate, considering the whale did not sell the coins in a single transaction.

By sharing a chart showing the transaction timeline, Spot On Chain revealed that the whale divided the sale of the reported TRUMP coins into seven separate transactions within 24 hours. Due to market fluctuations, not all of those coins were sold at the same price, leading to the estimation in Spot On Chain’s report.

In the meantime, Santiment, the market intelligence platform with onchain and social metrics, identified two categories of cryptocurrencies currently experiencing the most significant rise in trader interest. In its X post, the analytics platform noted that the SEC’s closure of the investigation on Ethereum and Pantera Capital’s plan to buy $100 million worth of Ethereum sparked traders’ interest in ETH.

Santiment also observed a surge in traders’ interest in the newly created Trump-themed memecoin, DJT, highlighting Martin Shkreli’s claim to co-creating the Donald J. Trump token. The platform cited Shkreli’s involvement as the main reason for the increasing traders’ interest in the memecoin.