Unusual trading patterns have surfaced around US President-elect Donald Trump’s Solana-based Official Trump (TRUMP) memecoin, which has seen its market cap soar to $42 billion, sparking a frenzy among retail investors.
On Jan. 18, onchain analytics firm Bubblemaps investigated a crypto wallet that received $1 million just hours before TRUMP’s launch.
Blockchain data shows the wallet purchased $5.9 million worth of TRUMP tokens in the first minute of trading, later selling $20 million while retaining $96 million in tokens.
These tokens were then transferred to another wallet and distributed across 10 wallets, all now actively selling on Solana decentralized exchanges (DEXs).
The trading activity has raised concerns over potential market manipulation as the TRUMP token continues to dominate headlines.
Preetam Rao, CEO of Web3 security firm QuillAudits, highlighted issues with TRUMP’s token structure and intentions.
“Eighty percent of the supply is locked for CIC Digital, owned by the Donald Trump Revocable Trust. The same entity launched Trump NFT Trading Cards three years ago. The website says it’s ‘not an investment but a show of support,’” Rao explained.
He added that the top 10 holders control 89.06% of the supply, with no clarity on the liquidity pool’s burn status. “The token’s launch in an Asian morning time zone suggests it’s more about profit-making,” he noted.
Rao speculated, “We see insider trading involved, but if the US government is supporting innovation, maybe it’s a rug pull that also sets a foundation for innovation.”
TRUMP Memecoin Gains Mainstream Momentum
TRUMP’s popularity surged as major exchanges Coinbase and Binance listed the token.
According to CoinGecko, TRUMP trading volumes soared, with Bitget, MEXC, and KuCoin leading the activity.
At the time of writing, TRUMP is up 194% in 24 hours, trading at $54.62.
Meanwhile, Solana’s ecosystem saw record highs, with Raydium, GMGN, and Moonshot processing millions in fees and transactions, attracting over 200,000 new users onchain.
