Summary
Meteora experienced a significant drop of over 40% on its first trading day after a controversial airdrop. Three wallets associated with the TRUMP meme coin team were among the top recipients, receiving a total of $4.2 million in Meteora tokens. These wallets quickly transferred their tokens to the OKX exchange, leading to backlash from smaller investors who accused the insiders of exploiting the airdrop.
When the highly anticipated Meteora airdrop launched on the Solana network, many liquidity providers were eager to participate. However, blockchain analysis suggests that well-known insiders tied to the TRUMP meme coin may have taken advantage of the system. This likely contributed to the sharp decline in Meteora’s price on launch day.
Arkham Intelligence reported that three TRUMP-linked wallets were among the top five recipients of the Meteora airdrop. These wallets, which had also bought TRUMP tokens on the first day, received a combined $4.2 million in Meteora. The holders quickly transferred all their tokens to OKX, where Meteora trading against USDT had begun, enabling them to sell their holdings.
Meteora’s Post-Launch Crash
This action triggered immediate backlash within the Meteora community, with many accusing the TRUMP-connected wallets of manipulating the airdrop. Speculation arose that the insiders had already sold their Meteora tokens, raising concerns of a possible rug pull. While transactions on centralized exchanges (CEX) aren’t visible on the blockchain, transferring tokens to an exchange typically signals an intention to sell.
Following its launch and listing on major exchanges, Meteora’s price dropped by more than 40%. The Solana-based token is now trading at $0.5380, with a market cap of $258.38 million.
