A crypto trader has turned heads with a near-instantaneous and massive profit of $116 million after being one of the first to react to the launch of Donald Trump's new Solana-based meme coin, TRUMP.
The trader made a calculated move that paid off big, causing a stir in the Solana network.
Was this a savvy investor, or did they have a tip-off before the coin's official announcement?
On 18 January, four hours before Donald Trump's shock announcement on Truth Social about launching his meme coin, TRUMP, an anonymous user made an unusual move.
The trader deposited over $1 million worth of SOL into a newly created wallet—identified as "6QSc2."
Then, within 30 seconds of Trump’s announcement, the wallet swiftly emptied, purchasing over 5.9 million TRUMP tokens.
As news of the launch spread, the value of the TRUMP tokens soared, and the trader’s investment grew by an astonishing 11,600%.
By the end of the night, the tokens were valued at over $120 million.
By 20 January, the trader had sold $85 million worth, still holding onto a substantial portion of the tokens, worth another $75 million at that time.
While many celebrated the sudden spike in value, others began questioning the rapid and precise movements of the trader.
The fact that the $1 million purchase came just before the official announcement sparked suspicions of insider knowledge.
The trader’s behaviour raised eyebrows, particularly given the wallets’ history of meme coin activity over the last few months.
Was this trader simply in the right place at the right time? Or was there more at play?
While the trader’s history suggests a keen understanding of the meme coin market, the fact that they were able to place such a substantial bet before most people were even aware of the launch adds weight to the insider trading theory.
Just days after the TRUMP token’s successful launch, Melania Trump announced her own meme coin, MELANIA, on 20 January 2025.
Once again, the trader was quick to react.
Within just a minute and a half of Melania’s Truth Social announcement, one of the trader’s wallets was already loaded up with MELANIA tokens, a full minute before the news hit other platforms like X.
The trader had sold $45 million worth of TRUMP tokens to fund the purchase, which caused the TRUMP token’s value to plummet by 50%.
The price drop happened almost immediately after the news of MELANIA’s token surfaced, and by Sunday afternoon, the TRUMP coin had lost a significant portion of its value.
There has been no evidence to suggest that insider information was directly leaked from Donald Trump's team or crypto advisors.
However, the involvement of various Solana-based projects in the early stages of the TRUMP token launch raises questions about potential leaks.
These decentralised finance projects, including Jupiter and Meteora, worked closely with the TRUMP token team to ensure a smooth launch, but the extent of their knowledge ahead of time remains unclear.
The crypto world has long been familiar with the volatility surrounding meme coins, but this rapid-fire series of events has opened up new concerns.
Ran Neuner, co-founder and CEO of Onchain Capital, appeared to openly admit on X that he had inside knowledge of the MELANIA token’s launch ahead of time, lamenting that the Trumps were "grifting at the expense of the crypto community."
Neuner shared his insight publicly nearly 90 minutes before the First Lady made her announcement, revealing his early knowledge of the token.
As of writing, the TRUMP token had seen an increase of 20.73% in the past 24 hours, now priced at $42.55.
Despite the ups and downs, it continues to hold a market cap of over $42 billion.
Meanwhile, the MELANIA token saw a 2.69% decline in the past 24 hours, falling to $3.98, with a fully diluted market value of $3.98 billion.
With the unpredictable nature of these meme coins, the crypto world is left to wonder if their movements are a reflection of typical market dynamics or influenced by external elements.
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