Crypto

Suspicious Trading Activity Emerges Around President-elect Trump’s Memecoin

Suspicious Trading Activity Emerges Around President-elect Trump's Memecoin
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The TRUMP memecoin is facing scrutiny ahead of Donald Trump’s swearing-in ceremony

Concerns have emerged over unusual trading patterns surrounding the recently launched Official Trump (TRUMP) memecoin, a Solana-based cryptocurrency linked to President-elect Donald Trump. The token’s market cap has skyrocketed to $42 billion, drawing massive attention from retail investors, but onchain activity has raised questions about potential manipulation.

Blockchain analytics firm Bubblemaps revealed that a wallet funded with $1 million just hours before the token’s launch purchased $5.9 million worth of TRUMP tokens in its first minute. The wallet later sold $20 million while retaining a significant portion, now worth $96 million. The tokens were then distributed across multiple wallets actively selling on Solana’s decentralized exchanges, prompting concerns of coordinated market activity.

Preetam Rao, CEO of Web3 security company QuillAudits, highlighted the token’s uneven allocation structure, with 80% of the supply controlled by CIC Digital, an entity owned by the Donald Trump Revocable Trust. This organization previously launched Trump NFT Trading Cards. Rao also pointed out that 89.06% of the token’s supply is concentrated among the top 10 holders, raising further questions about transparency and intent.

Major exchanges like Coinbase and Binance have listed TRUMP, boosting its visibility and trading volume. Data from CoinGecko shows daily trading surging on platforms such as Bitget and KuCoin, with TRUMP seeing a 194% price increase over the last 24 hours, now trading at $54.62.

The token’s popularity has driven significant activity in Solana’s ecosystem, including record-breaking revenues for decentralized exchange Raydium. However, critics argue the project resembles a pump-and-dump scheme. Prominent voices in the Bitcoin community have condemned the memecoin, calling it opportunistic and misaligned with the core values of cryptocurrency.

Amid the frenzy, speculation about a potential “USA coin” has been denied by Eric Trump, emphasizing that no such project is in the works.

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