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Insider trading allegations for Trump's memecoin raise concerns

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by Giorgi Kostiuk

a year ago

Donald Trump's Solana-based memecoin is facing insider trading allegations following its meteoric rise to a market capitalization of $42 billion. These allegations emerged after the analytics firm Bubblemaps identified suspicious wallet activity.

Bubblemaps Investigation

Bubblemaps revealed that a wallet, suspiciously funded four hours before the memecoin's launch, purchased $5.9 million worth of TRUMP tokens in the first minute. Later, the wallet sold $20 million worth while retaining $96 million worth. The remaining tokens were distributed to various wallets actively selling on Solana's decentralized exchanges.

Address 6QSc2 was funded 4 hours before launch and bought $1M in the FIRST minute. They sold $20M and still hold $96M.Bubblemaps

Community Concerns

The crypto community has raised concerns regarding potential insider trading. A wallet named LeBron turned a $1 million investment into $2 million by purchasing 4.52 million tokens minutes after launch. Preetam Rao, CEO of Web3 security firm QuillAudits, also voiced concerns about token allocation and motives behind the launch.

Eighty percent of the supply is locked for CIC Digital, a company owned by the Donald Trump Revocable Trust. The website says it’s 'not an investment but a show of support.'Preetam Rao

Bitcoiners Criticize Launch

The Bitcoin community criticized Trump's decision to launch his Solana-based memecoin, calling it an opportunistic move against Bitcoin's core principles. Swan Bitcoin VP Brandon Quittem pointed out that the token is unlike Bitcoin, seeking quick profits. Coinbase and Binance have enhanced the token's popularity by listing it.

Trump coin is such an extreme case of shitcoinery that it will ultimately help differentiate Bitcoin further. Trumpcoin is a get-rich-quick scheme, it’s nothing like Bitcoin.Brandon Quittem

The TRUMP token associated with Donald Trump's entities is facing insider trading allegations and receiving criticism from the crypto community. Meanwhile, its popularity continues to grow with support from major exchanges.

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