• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

TRUMP Memecoin Gathers Momentum: Trading Spike and Manipulation Concerns

user avatar

by Giorgi Kostiuk

a year ago


The sudden increase in TRUMP memecoin's market capitalization to $42 billion has surprised investors and fueled interest, but also led to suspicions of market manipulation.

Trading Activity and Manipulation

On January 18, analytics firm Bubblemaps investigated a crypto wallet that received $1 million a few hours before TRUMP's launch. Blockchain data shows the wallet purchased $5.9 million worth of TRUMP tokens in the first minute of trading, then sold $20 million while retaining $96 million in tokens. These assets were moved to another wallet and distributed across ten wallets, all now actively selling on Solana decentralized exchanges (DEXs). The trading activity raises concerns about potential market manipulation.

Token Structure and Intentions

Preetam Rao, CEO of 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," 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.

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.Preetam Rao

Exchange Success and Impact on Solana Ecosystem

TRUMP's popularity surged post-listing on major exchanges Coinbase and Binance. 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 reached record highs, with platforms Raydium, GMGN, and Moonshot processing large volumes of transactions, attracting over 200,000 new users.

While the TRUMP memecoin shows rapid growth, analysts express doubts about its stability and trading transparency, noting potential market manipulation and impact on the Solana ecosystem.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Mashreq Capital Launches Multi-Asset Fund Including Bitcoin

chest

Mashreq Capital launches BITMAC, a multi-asset investment mutual fund that includes equities, fixed income, gold, and Bitcoin exposure via ETFs.

user avatarMaria Fernandez

UAE Islamic Bank Ruya Launches Bitcoin Investment Platform

chest

UAE Islamic Bank Ruya has launched a Bitcoin investment platform in partnership with Fuze, becoming the first Islamic bank to offer Bitcoin trading through its mobile app, ensuring Shariah compliance and user-friendly experience.

user avatarGustavo Mendoza

OpenPayd Integrates Stablecoins for Efficient Cryptofiat Flows

chest

OpenPayd integrates stablecoins with corporate clients to manage cryptofiat flows.

user avatarRajesh Kumar

Kraken Provides Comprehensive Fiat Solutions for Cryptocurrency Liquidation

chest

Kraken offers advanced fiat withdrawal options through its Kraken Pro service, catering to a wide array of currencies.

user avatarLuis Flores

Binance Expands P2P Offramp Services Since 2019

chest

Binance has significantly enhanced its peer-to-peer (P2P) offramp services since 2019, allowing users to convert their digital currencies into fiat through a wide array of local currencies and payment methods.

user avatarMiguel Rodriguez

Indiana Moves to Add Bitcoin ETFs to State Retirement Funds

chest

Indiana lawmakers have introduced Bill No 1042 to allow state savings and retirement programs to invest in Bitcoin and crypto ETFs, aiming to position Indiana as a leader in digital asset adoption.

user avatarMaria Gutierrez

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.