Donald Trumpās Official Trump (TRUMP) memecoin has soared to a jaw-dropping $42 billion market cap in record time, flooding Solanaās DEXs with frantic trading. But not everyone is celebrating. An on-chain investigation by Bubblemaps uncovered what looks like insider activity, with one wallet snagging $5.9 million in TRUMP tokens within the first minuteāand later offloading $20 million while still holding $96 million worth. Some of those tokens were then spread across other wallets, all actively selling on Solana DEXs.
Red Flags for Retail Traders: People are now questioning whether early insiders are cashing in before retail investors even catch their breath. Web3 security expert Preetam Rao points out that 80% of the TRUMP coin supply is locked for Trump-linked companies, leaving the general public trading whatās left. Meanwhile, the tokenās price skyrocketed so fast that major exchanges like Coinbase and Binance quickly listed it, fueling even more hypeāand more concern about potential market manipulation.
Solana Goes Wild: With all eyes on TRUMP, Solanaās ecosystem had a massive traffic spike. Popular DEX Raydium saw record fee revenue of over $25 million, while the Moonshot on-ramp handled nearly $400 million in volume over 12 hours. Thatās a lot of new users coming on-chain, but also a lot of speculation.
Bitcoiners Throw Shade: Many Bitcoin advocates are slamming Trumpās meme coin, calling it a āget-rich-quick schemeā thatās a far cry from Bitcoinās ethos. Pierre Rochard from Riot Platforms stressed Bitcoinās focus on decentralization and fairness, while critics say TRUMP is just a money grab disguised as a āpatrioticā token.
