The Meteora (MET) market was rocked after Arkham Intelligence revealed that three of the top five airdrop recipients were wallets linked to the official Trump meme coin (TRUMP). The insider activity triggered massive outrage and led to a 40% price drop within the first 24 hours of launch.
Insider Wallets Collected Over $4.2 Million
According to on-chain data, three addresses connected to the TRUMP coin team received a total of $4.2 million worth of MET tokens during the airdrop.
All three wallets ranked among the largest recipients, and blockchain data shows they had also previously traded the TRUMP token.
Arkham Intelligence found that all MET tokens were transferred to OKX within hours, the same exchange that launched spot trading for MET/USDT that day.
This allowed the insiders to instantly sell their tokens, sparking a massive wave of sell-offs.
Meteora Price Collapses After Listing
Following the revelations and community backlash, Meteora plunged more than 40%.
The Solana-based MET token dropped from around $0.90 to $0.53, bringing its market capitalization down to $258 million.
While the Meteora team has remained silent, the community is furious. Dozens of posts on X (Twitter) have labeled the event as “another airdrop scam” and “a coordinated insider dump.”
One user wrote:
“This is a total joke. Insiders got millions in MET, dumped it on OKX, and now the rest of us are watching the price collapse by half.”
A Familiar Pattern: Same Players, New Token
Meteora has already faced scrutiny following the Melania Coin controversy, involving Hayden Davis and Benjamin Chow of Kelsier Ventures.
While that saga centered on wallets tied to Melania Trump, this new scandal points to the TRUMP meme coin — another politically branded token used to build investor hype.
Analysts note that celebrity-linked projects often create perfect conditions for manipulation:
insiders fuel media hype, attract retail investors, then dump their tokens for huge profits.
Community Reactions and Rising Concerns
Crypto investors are demanding greater transparency and an on-chain audit of the airdrop to uncover how many other tokens went to insiders.
While some argue it was simply “bad timing,” most analysts believe the damage to Meteora’s credibility is substantial.
Crypto commentator @SolTrack described it as
“a real wake-up call for anyone who still believes politically branded meme coins have long-term value.”
He added:
“It’s a perfect example of how so-called visionary projects turn into insider gold mines.”
Meteora’s Volatile Start and Uncertain Future
Despite the scandal, Meteora still maintains an active user base, with strong on-chain activity and trading volumes in the billions.
However, without a clear response from developers or a transparent token distribution report, investor trust may be difficult to rebuild.
If confirmed links between the insiders and the TRUMP token ecosystem emerge, this could trigger further regulatory scrutiny — similar to the investigations that followed Melania Coin and Argentina’s LIBRA token tied to President Milei.
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