- A wallet dumped $32.5 million TRUMP tokens, dropping its price by 17% within minutes.
- Analysts flagged the wallet’s lack of buy history, sparking allegations of market manipulation.
- The sudden sell-off caused panic trading and highlighted risks in decentralized token markets.
A crypto wallet sold $32.5 million worth of TRUMP tokens within 30 minutes, raising allegations of insider trading. The abrupt sell-off caused TRUMP’s price to plunge from $48.76 to $40.50, leaving investors alarmed by the sudden market movement.
Unusual Token Activity Causes Price Drop
In a series of rapid transactions, the wallet executed eight major sales, beginning with 160,000 TRUMP tokens sold for $5.34 million. Shortly after, 200,000 tokens were sold for $7.51 million, priced at $37.59 per token. Other notable sales included 200,000 tokens sold for $6.93 million and 50,000 tokens sold for $2.1 million.
Each transaction occurred minutes apart, significantly affecting TRUMP’s market value. Consequently, trading volume spiked to $27.643 million during the sell-off, further intensifying volatility. Investors observed the token’s price plunge by nearly 17% within a short period.
Analysts Highlight Insider Activity
Crypto analyst Ash Crypto noted the wallet had no recorded buys, suggesting insider involvement. According to Ash, the wallet sold $32.5 million worth of TRUMP without purchasing any tokens, an unusual activity pattern.
Further analysis revealed the tokens were transferred from another wallet, as confirmed by blockchain data on Solscan.io. This transfer signature indicated the tokens were not acquired through regular market transactions, amplifying suspicions of market manipulation.
Additionally, tools like BubbleMaps and DEXscreener displayed a concentration of TRUMP tokens held in one wallet. This data led many to question the token’s distribution and trading ethics.
Broader Market Concerns
The incident underscores the challenges of maintaining transparency within decentralized finance markets. Such large-scale sell-offs raise concerns about accountability in crypto trading.
Many investors reacted strongly to the sudden price drop, leading to panic selling in the market. The sell-off’s speed and scale emphasize the vulnerability of crypto assets to high-volume, concentrated trades.
Could events like this prompt stricter regulations to prevent insider trading and increase accountability? The crypto community is now watching closely for further developments.
