Insider trading allegations for Trump's memecoin raise concerns

user avatar

by Giorgi Kostiuk

2 years 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.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Plex Media Server Vulnerabilities Exploited for Cryptojacking

Attackers are exploiting vulnerabilities in Plex Media Server to install unauthorized cryptocurrency miners and a Linux proxy backdoor.

user avatarTomas Novak

Super League Shareholders Approve Metaplanets Bitcoin Treasury Proposal

Super League shareholders approved a proposal for Metaplanets to contribute 2,100 BTC and $25 million to a new US-listed Bitcoin treasury platform.

user avatarKaterina Papadopoulou

Sophon Sets Withdrawal Deadline Ahead of Mainnet Shutdown

Sophon has set a deadline for users to withdraw their assets by November 25 ahead of the shutdown of its standalone chain.

user avatarMaya Lundqvist

Large Hyperliquid Trader Rebuilds Ethereum Short After Significant Losses

A trader on Hyperliquid rebuilt a substantial Ethereum short position worth approximately $16 million after incurring losses of around $469,000.

user avatarLeo van der Veen

Tron Surpasses Ethereum and Solana in Blockchain Fee Revenue

Tron has generated approximately $234 million in chain revenue over the past 30 days, surpassing Ethereum and Solana.

user avatarLi Weicheng

New Reporting Requirements Proposed for Crypto Holders in France

A proposed amendment would require crypto holders to declare self-custodied assets worth over €100,000, with penalties for non-compliance.

user avatarTenzin Dorje

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.