There is no doubt, the weekend we have just had is historic. Indeed, it was marked by the unexpected launch of two memecoins by Donald Trump and his wife Melania Trump. But behind these historic launches, there are insiders who have lined their pockets.
The key points of this article:
Donald Trump and Melania Trump unexpectedly launched two memecoins, TRUMP and MELANIA, causing their value to explode.
Alarming revelations have been made regarding the centralized distribution of tokens, raising concerns among investors.
TRUMP and MELANIA: the surprise of the weekend
While Donald Trump's inauguration takes place this Monday, January 20the new president of the United States had a very eventful weekend. Indeed, on Saturday January 18, against all expectations, Donald Trump announced the launch of memecoin TRUMP sur la blockchain Solana. Quickly, the token saw its price explode until reaching $72 and flirting with the $15 billion in market cap.
Explosion of the TRUMP price – Source: Coingecko. The next day, Sunday January 19, it was his wife's turn, Melania Trump to announce the launch of memecoin MELANIA. This also exploded, reaching $1.9 billion in market cap a few hours after its deployment. Not surprisingly, these two tokens created unparalleled fortunes in the space of a few hours. Thus, as our colleagues at Bubblemap have pointed out, some traders have made millions of dollars in profits on these tokens.
“This whale is $TRUMP's biggest winner so far: $8.9M in PNL across 3 addresses. »
But who does this really benefit?
A distribution problem
Blockchain is a public space where transparency reigns by default. Thus, this allows crypto investigators to analyze on-chain data to better understand the situation. And their revelations are alarming. Indeed, the BubbleMap teams revealed that neither TRUMP nor MELANIA respected the distribution of tokens announced on their site.
“Apart from Meteora's 10%, 89% of the supply is still in a single wallet and has not been divided [entre les 4 catégories listées sur le site]. »
The on-chain distribution does not correspond to that announced on the site. A situation that makes people cringe, and puts investors with positions in these tokens at risk. Indeed, this implies central control of 89% of the supply which could lead to significant losses in the event of dumping or compromise of the keys of said wallet. Eventually, the funds will be distributed among several addresses in the following hours.
TRUMP collapses in moments
The TRUMP token will have been marked by another major event during the weekend. Indeed, while it was trading around $72, the TRUMP price suddenly fell to $52before continuing its fall until reaching $40, in the space of a handful of hours. According to the findings of the BubbleMap teams, it seems that this fall was caused by a single trader. In fact, the latter resold millions of tokens in the space of a few minutes. In total, he would have resold $85 million worth of TRUMP, causing the price to fall by 50%.
In practice, this sale occurred just after Melania Trump's publication on X announcing the launch of MELANIA.
Insiders: the big winners of TRUMP
Unfortunately, the findings shared by BubbleMap over the weekend are not getting any better. Indeed, the teams identified a very suspicious wallet revealing insiders on the TRUMP.
Thus, they identified a wallet which was subscribed 4 hours before the launch of the token. Then this one was purchased $1 million in TRUMP tokens in the first minute of launch. In practice, this is the same trader who would have caused the fall in the price of TRUMP via his massive sales. Obviously, the timing leaves many observers perplexed. In fact, it looks a lot like insider worknamely someone who profited from private information about TRUMP. The disappointment of part of the community was such that we saw a wave of “Gary returns” on social networks. A reference to Gary Genslerthe former chairman of the SEC who was known for his anti-crypto stances.