Source: decrypt
Author: Sander Lutz
Translation: BitpushNews
Over the weekend, the new meme Coin launched by the President and First Lady caught many off guard. However, some traders placed their bets early and were rewarded.
When Trump announced his own meme Coin on Friday, many quickly made a lot of money—but at least one trader made a much larger profit by betting much earlier than most.
On Friday, four hours before Trump announced the launch of his Solana meme Coin TRUMP, an anonymous user deposited over $1 million worth of SOL into a brand new crypto wallet (identified as “6QSc2”) and then waited for the value to rise.
Thirty seconds after Trump announced the meme Coin on Truth Social on Friday night, that wallet purchased over 5.9 million TRUMP tokens in full. Within hours, the value of these tokens exceeded $116 million.
According to analysis from on-chain research firm Bubblemaps, the trader then split a large amount of TRUMP tokens into 10 different Solana wallets and began selling off large quantities the next day. As of Monday morning, the trader had sold $85 million worth of TRUMP and still held another $75 million. Currently, blockchain data shows that these wallets combined hold only $18 million worth of meme coins, indicating that the trader has likely sold off most of their position.
However, the story doesn't end there. On Sunday, First Lady Melania Trump followed in her husband's footsteps and launched her own meme Coin—this lucky trader was early again. Within a minute and a half after the First Lady posted about the MELANIA token on Truth Social, and one minute before information about the token was released on X, one of the wallets associated with that user purchased a large amount of MELANIA tokens.
According to Bubblemaps, the trader sold $45 million worth of TRUMP tokens, apparently to build a massive MELANIA position, which caused the TRUMP token to plummet nearly 50% within minutes on Sunday afternoon.
Rumors circulated on X about other early buyers of TRUMP tokens making significant profits, leading to suspicions of widespread insider trading. Decrypt could not confirm whether any insider information existed, but the large number of associated wallets linked to the “6QSc2” account is enough to raise eyebrows.
Given that this trader placed such a large order before most cryptocurrency users learned of the news and realized it wasn't a carefully orchestrated hack, it raises questions.
However, it is also possible that this trader happened to be in the right place at the right time, just created a new wallet, and made the right decision in a timely manner. The trading history of the associated wallets indicates that this user has been buying and selling large amounts of meme coins, at least for the past three months. This trader even purchased some when the meme coin of Hawk Tuah Girl was released.
It is also possible that this trader has extensive connections and received news about the upcoming launch of the Trump meme coin. If there was indeed insider information, the leak may not necessarily have come from Trump's inner circle or crypto team.
Last weekend, several Solana decentralized finance projects (such as Jupiter, Meteora, and Moonshot) revealed that they had collaborated in advance with the Trump token team to ensure a smooth launch.
The token caused activity on the Solana network to reach unprecedented levels, and many had to work together to ensure the infrastructure could operate normally. However, it remains unclear how many employees of these projects were aware of the token's plans in advance, and there is currently no evidence of any wrongdoing by any providers.
At least one well-known cryptocurrency figure seems to have publicly boasted about receiving insider information regarding the upcoming MELANIA token. Ran Neuner, co-founder and CEO of blockchain investment fund Onchain Capital, acknowledged this in a post on X on Monday, lamenting that the Trump family is now "scamming at the expense of the cryptocurrency community."
"Don't get me wrong," Neuner wrote. "As my timeline shows, I knew about the MELANIA token before its release, and I clearly profited from it."
In fact, nearly 90 minutes before the First Lady posted the first announcement about the token on Truth Social, Neuner publicly shared information about the upcoming launch of the MELANIA token.
Decrypt reached out to Neuner regarding the post but did not receive a response.
Trump's token rose 8% on Tuesday, reaching $43.94 at the time of writing. The fully diluted value of the token still exceeds $43 billion. Meanwhile, MELANIA fell nearly 24% on the same day, reaching $4.60 at the time of writing, with a fully diluted value of $4.6 billion.
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