While thousands of people have reported profiting from trading Donald Trump’s official meme coin since its launch last Saturday, one meme coin stood out from the rest after pocketing over $100 million from the same token.
On Saturday, the US President surprised his crypto supporters by launching a meme coin dubbed Official Trump ($TRUMP). The token was deployed on Solana, a top blockchain known for processing transactions quickly and cheaply.
Interestingly, a new crypto wallet (6QSc2CxSdkUQSXttkceR9yMuxMf36L75fS8624wJ9tXv), which had SOL worth more than $1 million, bought $TRUMP thirty seconds after Trump announced the meme coin on Saturday evening. According to data from SolScan, the trader behind the wallet received about 5.9 million Official Trump tokens. Within a few hours, their $TRUMP holding’s value had skyrocketed to $116 million.
Onchain observers later reported that the trader distributed their $TRUMP to 10 Solana wallets and started dumping them. According to Bubblemaps, a popular onchain analytics company, the lucky trader had sold over $80 million worth of Official Trump by Monday morning and sat on unrealized profits of $74 million.
Is the Lucky Trader Still Holding $TRUMP?
As of this writing, the trader’s main wallet holds zero $TRUMP, while other wallets hold roughly $12 million worth of the token after booking more profits on Tuesday and Wednesday.
It is worth highlighting that the trader was also an early buyer of $MELANIA, a meme coin launched by US First Lady Melania Trump on Sunday. One of their Solana wallets bought significant amounts of Melania’s meme coin a minute before the announcement was shared on the First Lady’s X account.
Bubblemaps’ analysts reported that the trader dumped at once $TRUMP worth $45 million to buy $MELANIA, a move that caused the US President’s token to plummet nearly 40% within minutes.
The Trader Could Be an Insider, Crypto Users Claim
As the lucky trader continued to profit massively from the Trump family’s tokens, several crypto users on X began suspecting they were involved in insider trading. While there is no evidence that the trader was an insider, the timing of their token purchases raised eyebrows.
Many crypto fans on X who labeled the trader as an insider supported their stand by claiming that it was unusual for a trader to place large buy orders early on tokens announced on celebrities’ social media accounts, given the rising cases of hacks.
Still, it is possible that the trader happened to be genuinely lucky, considering that their wallets’ transaction history shows they regularly buy and sell meme coins from PumpFun. Notably, the trader was among the early buyers of the Hawk Tuah token, whose market cap peaked at $486 million and then plunged to $68 million within minutes following allegations of insider trading.
Did These DeFi Projects Leak the Trump Family’s Token Launches?
It is also possible that the trader in question is a well-connected individual who got tipped off about the $TRUMP and $MELANIA launches. If they received insider information, then there is a chance that the leak could have come from DeFi projects that partnered with Trump’s family to launch the tokens rather than the US President’s crypto team.
For example, after $MELANIA and $TRUMP went live, decentralized finance projects like Moonshot, Jupiter, and Meteora revealed that they collaborated with Trump’s crypto team to ensure seamless token launches.
One Trader Admits Receiving Insider Information
While the lucky trader hasn’t revealed how they were able to buy the two meme coins ahead of many others, the co-founder of Onchain Capital, Ran Neuner, has openly bragged about getting insider information regarding the $MELANIA meme coin.
That could be true, given that he tweeted about the launch of Melania’s token an hour and a half before the First Lady made the announcement on her X account. While Neuner said he profited significantly, he claimed that the $MELANIA and $TRUMP were unhealthy for the crypto markets, arguing that the two tokens had sucked liquidity from other digital currencies.
