The newly launched TRUMP coin on the Solana platform has drawn attention for its sudden market cap rise and manipulation suspicions.
Suspicious Trading Activity
On January 18, the analytics firm Bubblemaps investigated a wallet funded with $1 million before TRUMP token's launch. The wallet bought $5.9 million in tokens in the first minute and later sold $20 million, retaining $96 million. Tokens were distributed through ten wallets now selling actively on Solana DEXs. This trading pattern raised concerns about market manipulation.
TRUMP Memecoin Goes Mainstream
The token's popularity soared after Coinbase and Binance announced their listing. Trading activity surged, with record volumes on exchanges like Bitget, MEXC, and KuCoin. Solana's ecosystem also saw heightened activity, with platforms such as Raydium and Moonshot reporting record metrics.
Bitcoin Community Criticizes
The Bitcoin community has strongly reacted to TRUMP memecoin's launch, criticizing it as a get-rich-quick scheme. Many view the token as contrary to Bitcoin's core principles.
The launch of TRUMP memecoin has sparked excitement and criticism, prompting discussions on market integrity and transparency.
