Key Insights:
- TRUMP memecoin-linked wallets claimed over $4 million in Meteora MET.
- Meteora airdrop sees one entity receive $10 million worth of tokens.
- TRUMP-linked wallets have dumped the MET tokens on OKX as token drops.
Three addresses connected to the TRUMP memecoin received a combined $4.2 million worth of MET tokens in the Meteora airdrop.
Onchain analytics platform Arkham Intelligence spotted the wallets. According to Arkham, the wallets are among the top 5 airdrop claimers for the token, which launched today.
TRUMP-linked Wallets Dumps MET After Claiming
Analysis from Arkham shows that one of the wallets is the developer address for the TRUMP token. The other two also provided extensive liquidity for TRUMP memecoin on its first day of trading.
The sizable amount of MET tokens that went to the addresses is because the TRUMP token launched on Meteora. President Donald Trump launched his official memecoin on the Solana decentralized exchange a few days before his inauguration.
The TRUMP token launch marked a milestone for Meteora, driving significant trading volume and resulting in a substantial increase in its total value locked (TVL). The DEX is now one of the biggest, with its 30-day volume the highest on Solana.
Meanwhile, the TRUMP-linked addresses have already dumped the MET tokens. Arkham intelligence data shows that they transferred their tokens immediately to OKX, suggesting a sell-off.
The TRUMP wallets were not the only addresses connected to a political token that claimed the airdrop. Onchain sleuths also claimed that three addresses linked to the MELANIA memecoin received 2.2 million MET, worth approximately $1.5 million.
The airdrop claims by addresses linked to the two projects once again put the two memecoins in the spotlight. TRUMP has already lost 92% of its peak value even as it gains 2% today, while MELANIA is down 99%.
Interestingly, President Donald Trump’s crypto ties came under scrutiny once again today after the grant of a presidential pardon for Binance Changpeng Zhao. Many people in the crypto community criticized the pardon, noting that Zhao paid for it with crypto deals that benefited the Trump family.
User Claims $10 Million MET as Token Plunges
Meanwhile, TRUMP-linked wallets were not the biggest recipients of the Meteora airdrop. One user was able to claim around $10 million worth of MET, according to Bubblemaps.
The entity controlled two addresses, 3vAauD and 2zVx7U, and received around 12 million MET into the addresses. Transfers of 306,960 RAY and 1,090 USDC made two years ago were linked to the two addresses.
It is unclear who the entity is or what they did to get more than 1% of the total token supply. However, MET has already declined in value. The token, which initially traded as high as $0.9, has now plummeted to $0.53, losing more than 40% amid the broad sell-off.
While the sell-off is likely behind the MET drop, Meteora co-founder Benjamin Chow is facing a class action lawsuit. The legal action accused him of being behind the MELANIA and LIBRA memecoins scam and described Meteora as a “fraud factory.”
Oluwapelumi Adejumo is an experienced cryptocurrency journalist who has contributed to leading blockchain news platforms, including CryptoSlate and BeInCrypto.
