Research Platform Reveals Insiders Dumped TRUMP Token Before Crash
10x Research argues that insiders received the TRUMP token at the pre-inaugural Washington crypto ball before it became available for public trading.The research firm suggests that these early investors capitalized on the opportunity before major exchanges rushed to list the coin as its value surged past $60, briefly touching $70. However, the price soon collapsed to $10, leaving retail traders with billions in losses. This pattern mirrors previous speculative cycles, including the 2021 NFT boom and bust, where early participants benefited while later investors faced heavy losses.The TRUMP coin saw its value drop by 50% within a week. On-chain data revealed that early buyers quickly liquidated their holdings, using retail traders as exit liquidity.This sell-off significantly impacted the Solana meme coin sector, which had been driving substantial market activity. As a result, the downturn reinforced broader concerns about the volatility of speculative digital assets and the risks associated with hype-driven trading.Solana Ecosystem Tokens Face Heavy Selling PressureThe broader market downturn has also impacted key tokens within the Solana ecosystem. Raydiums RAY token, a major automated market maker, has seen a 70% price decline in just 30 days. Meanwhile, Jupiters JUP token, which operates as a decentralized exchange on Solana, has dropped by 42%. Likewise, Solanas SOL token has lost 41% over the same period. The rapid declines suggest a waning interest in speculative tokens linked to recent market trends.Pump.fun, a leading meme coin launch platform, has also seen a dramatic shift. Over the past year, it has facilitated 8.4 million meme coin launches, with activity peaking around President Donald Trumps inauguration. During the Christmas to inauguration period, 1.7 million meme coins were launched. However, daily launches have now dropped from 62,000 to 24,000. Despite lower meme coin creation costs due to Solanas price drop, participation has declined significantly.Pump.fun Slumps Back to HundredsAdding to the woes, Pump.funs revenue stream has suffered, with daily earnings plummeting to their lowest in seven months by March 8. Previously, Pump.fun maintained daily fees above $1 million. However, current data shows 24-hour fees and revenue at $108,124.
Text source: The Crypto Basic
