The Official Trump memecoin (TRUMP) experienced a 50% drawdown, believed to be caused by one whale selling off a significant amount of tokens. The whale address had been identified as an early buyer and had split its holdings into 10 new wallets. The cluster of wallets has gained $85M and still holds $75M worth of tokens. It is unclear if the buying and selling was coordinated or the work of experienced meme snipers. The selling likely caused TRUMP's slide in price, but it has since recovered due to market optimism and the rise of Bitcoin. TRUMP remains a centralized meme token, with 80% of the supply held by the team. Insider knowledge and privileged information have been speculated due to the whale's behavior and early indications of token sniping. The launch of TRUMP bypassed the usual channels, leading to suspicions that representatives of the Solana ecosystem were aware of and involved in the launch. Various wallets connected to the trading of TRUMP and other meme tokens have been identified, suggesting a coordinated effort by a trader or group of traders. Techniques such as sending multiple failed transactions to secure early buys were used to obtain tokens.



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