TRUMP holders take profits, leaving supply on exchanges near six-month high

MAGA (TRUMP), an Ethereum-based meme coin inspired by the US former president Donald Trump with a market capitalization of $340 million, is falling sharply on Tuesday as on-chain data signals a spike in profit-taking from whales and supply on exchanges climbs closer to a six-month high.

On-chain intelligence platform Lookonchain identified several large-wallet addresses that shed their MAGA holdings and took profits, exchanging them for Ethereum (ETH) and USD Coin (USDC). The moves from whales, combined with rising supply on exchanges, paint a bleak picture for the meme coin’s price outlook in the short term.

TRUMP holders take profits, supply nears six-month high

Data from Lookonchain shows that three large-wallet investor wallets sold their TRUMP holdings in the past 24 hours and took profits. 

Wallet 1 (0x52C0) sold 171,842 TRUMP, getting $3.7 million in profits. Wallet 2 (sighduck.eth) sold 173,542 TRUMP and took $1.88 million in profits. Wallet 3 (0x35D1) took $648,000 in gains after selling 128,059 TRUMP. 

This pattern seems to be extending to other cohorts of investors. Santiment data shows that MAGA holders have consistently taken profits on their meme coin holdings since May 11. Profit-taking activities spiked on May 31, close to MAGA’s all-time high of $17.11 on June 1, seen in the chart below.

Meanwhile, active addresses – a metric used to track the relevance and demand for a project among market participants –, increased sharply on Tuesday to 2,682 from 1,200 a day earlier. 

Network realized profit/loss, Active addresses and price 

The token’s supply on exchanges is nearing a six-month high, implying that selling pressure is mounting. TRUMP extended its losses by 13% on Tuesday, the meme coin has wiped out 43% of its value in the past seven days. 

Supply on exchanges and price

TRUMP is trading at $7.43 on MEXC at the time of writing.