In this post:
- It seems that the main reason for the 50% decline in the TRUMP market price was selling activity from one whale’s holdings.
- The wallets that were found belonged to seasoned traders who had exchanged USDC for TRUMP early.
- Experienced Solana users who also participate in early snipes of other popular meme tokens seem to be the owners of some of the discovered addresses.
The Official Trump memecoin (TRUMP) appeared unstoppable at its high over the weekend, but the initial 50% fall was caused by just one whale selling. The address of the implicated whale had previously been marked for early purchase.
The 50% TRUMP fall that sent shockwaves across the market could have been caused by a single whale, according to data published by Bubblemaps. Before dividing all of its holdings into ten new wallets, the on-chain analytics company identified one address that was involved in early accumulation.
In addition to holding an additional $75 million worth of tokens, the cluster of wallets has already realized $85 million in gains. It’s unclear at this moment whether the buying and selling was planned or if it was just a seasoned meme’s routine.
TRUMP’s decline from above $72 to the $40 area, with a more severe decline on certain trading pairs, may have been mostly caused by the selling. As market optimism propelled Bitcoin (BTC) to a new all-time high, it bounced back from the decline.
Questions regarding insider activity are raised by the whale wallet.
Eighty percent of TRUMP’s supply is still in the team’s primary wallet, making it a highly centralized meme coin. The potential that some whales would have extra inside knowledge to snipe the token that launched unexpectedly was brought to light by bubblemaps.
All TRUMP monies were transferred to ff.sol, an intermediate wallet, by the original sniper address. The tokens were then dispersed around ten addresses, primarily resulting in the liquidation of their holdings. The money from one of the addresses was transferred to MELANIA.
The original buyer address has no prior history of trading memes and was funded with USDC a few days ago. After ff.sol financed the intermediary wallet, TRUMP was returned to the originating address, where the sale proceeded.
Even before it was discovered that the TRUMP token was a genuine asset, activity from ff.sol was detected.
Social media users initially thought Donald Trump’s accounts had been compromised, which is a common occurrence. But early signs of privileged information were revealed by early token sniping and the trust of well-known wallets in the Solana ecosystem.
The wallet saw a surge in activity following the introduction of TRUMP, capitalizing on the recent trend of related PolitiFi coins. Though not with the intention of holding for a long time, the pocketbook rolled over into TRUTH, FIGHT, and VOX POPULI. Rather, the whale proceeded to the following launch after purchasing early and selling for USDC.
Because the whale was preparing to snipe the token, its actions raised questions about insider information. The presence of actively trading whales tests the status of TRUMP as a potential cult meme token, which is mostly held by the community.
Instead, the price action of TRUMP may feel the effect of large-scale wallets trading rapidly. Some of the TRUMP received by the early buyer wallet was sent to addresses with a track record of flipping meme tokens from previous trends. All the wallets listed by Bubblemaps had different selling strategies and achieved varied end results when locking profits.
Were insiders in Solana aware of Trump’s plans?
TRUMP’s launch was likely planned for some time and did not follow the customary procedures. This raised suspicions that members of the Solana ecosystem were aware of the token’s smart contract’s launch and even distribution.
There was a string in one of the first addresses that traded Trump that indicated it might be from a Solana insider. It was assumed that the vanity address, meowthLT61GwsPZCfdRcNXwSDPp1p6bNRM7PRnYHw3z, belonged to @weremeow, the founder of the Jupiter DEX aggregator. Additionally, sniping Hailey Welch’s meme coin, HAWK, was linked to the same address.
Shatter and other wallets.Sol’s early criticism of TRUMP also resulted in significant unrealized profits. They were also involved in HAWK’s first trading. Both Shatter.sol and goofyaahh.sol are suspected to be owned by the same person controlling ff.sol, and related to a trader or a group of traders.
The Shatter.sol wallet has been known to send funds to new Solana addresses with the intention of sniping tokens soon after launch. Previously, Shatter.sol also sniped and sold BONK.
Some of the techniques used to grab coins early was to send multiple failed transactions to a contract, to make sure an early buy would be possible.
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