The Solana-based TRUMP memecoin, launched by tooth-elect Donald Trump, saw a 3,000% price surge just two hours after its launch Friday evening. However, a potential obstacle has appeared in its path, as some have observed interesting details about the distribution of the token’s total supply.
According to Coffeezilla, an investigative crypto journalist on Trading began for TRUMP coin after Donald Trump announced the memecoin launch on his official social media accounts on Friday, hours before the crypto inaugural ball.
Official Trump knows an increase
According to data from Coingecko, the token reached a market capitalization of $4.3 billion, while recording $6.3 billion in trading volumes. TRUMP is currently changing hands at $22.00.
On-chain data from Lookonchain revealed that a whale, toothed as “Fpj236…uVJr”, withdrew 61,205 SOL ($14.3 million) from OKX to purchase 1.27 million tokens at an average price of $11.25. Another whale spent 8.5 million USDC to purchase 1.03 million tokens at an average price of $8.28.
At current valuations, holders have made profits of approximately $11 million and $11.8 million, respectively.
Another trader, 90 seconds after Trump’s announcement on Truth Social about the token, traded 1.09 million USDC coins for 5.7 TRUMP, as reported by Lookonchain. The investor initially sold around $404,000 worth of coins and was left with 5.43 million tokens. He then sold 1.35 million tokens to retain 4.62 million, currently worth over $99 million.
However, not all traders were able to benefit from this extraordinary increase. Market data trac also spotted the activity of a whale who sold $3.86 million worth of memecoin, only to see its holdings skyrocket to over $67 million at its highest price. This trader, according to market trac calculations, walked away with less than $3 million, an alleged loss of more than 2,000%.
Tokenomics raises centralization issues
The crypto community questions the legitimacy of the project. Some cite the unsustainable upward trend in prices over the past few hours, while others have observed “suspicious” details in the symbolic features of the project.
-On X, investigative crypto journalist Coffeezilla expressed some concerns regarding the distribution of TRUMP’s billion token offering. According to Coffeezilla, 80% of the tokens belong to a single wallet, which Internet users have linked to a company affiliated with the Trump Organization.
The “locked” coins leave only 200 available for the public and the liquidity of the project.
“Public distribution is 10%, liquidity is 10%. 6 different creator groups and CIC Digital that unlock after 3 to 12 months and vest over 24 months,” the journalist explained, “It’s a wild distribution for a coin. »
The BitMEX co-founder echoed this opinion, calling tokenomics “fugazi.” However, he also reiterated that political memecoins will become the norm during Trump’s second term.
According to a recent update shared on Coingecko’s X account, the memecoin launched in the last 20 hours has become the fourth largest memecoin in terms of market capitalization.
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