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Wallets linked to Trump’s crypto team were among the top 5 recipients of the Meteora airdrop. The wallets then sent the tokens to an exchange, putting more pressure on $METduring early trading.

Wallets connected to Trump’s crypto team were among the top 5 recipients of the Meteora airdrop. On-chain data from Arkham Intelligence pointed to three addresses connected to the Trump team, which received $4.2M in $METtokens.

Several addresses connected to the Official Trump ($TRUMP) meme token team received $METfor providing liquidity on Meteora. The wallets immediately sent the tokens to OKX. | Source: Arkham Intelligence

The wallets were involved with the Official Trump Meme token. The tokens were then immediately sent to an intermediary address, then to the OKX hot wallet. The wallets were eligible for $METfor their activity in supplying liquidity to the $TRUMPtoken trading pair. $TRUMPcaused a trading record on Meteora in early 2025, putting the DEX in the lead among all Solana trading venues.

The activity singled out the $TRUMPteam’s wallets to become top $METrecipients. However, the team did not hold onto the token, instead increasing the selling.

Meteora’s $METslides in the first hours of trading

$METlaunched with a price of $0.68, later sliding to $0.51. $METfollowed the path of other big airdrops, which fell soon after launching.

Top 5 whales realized profits, with the biggest wallet selling $669K on decentralized markets. $METis traded on most Solana DEX, with OKX being its most prominent centralized market. Most of the trading activity still hinges on two Meteora trading pairs.

$METdecentralized pairs saw immediate selling as early whales started cashing out. | Source: DexScreener

$METtokens have currently flowed mostly into top holder wallets, with extremely limited selling from KOLs. In the early stages of trading, the $METtoken holder structure matches the tokenomics map released recently.

According to Bubblemaps, one entity received $10Mworth of $MET, possibly the biggest single airdrop allocation of the year.

$METtokens were distributed to Meteora liquidity providers and traders, JUP token stakers, holders of M3M3 tokens, and other ecosystem activities. The snapshot was on June 30 for the Season 1 distribution. Season 2 is to be announced.

Can $METrecover?

The rapid initial selling of $METsignals an expectation that the price discovery will take the asset lower. However, as $METslid, a whale spent $3M$USDCto scoop up more tokens.

Meteora remains one of the most active Solana DEXs, producing $5.2M in fees. The DEX still had its peak day in February 2025, with $59.83M in fees linked to meme token trading and especially $TRUMPand MELANIA.

Meteora still gets a boost from the inflows of $USDCon Solana, potentially offering significant liquidity. Meteora’s TVL rose to over $898M and stabilized at a higher baseline in the past few months.

One of the expectations for $METis to go through an early crash, then recover its past levels if buyers return. $METwas sold as high as $1.17 during its IEOon BitMart, which raised only around $42K. Most of the token distribution will hinge on the airdrop and the behavior of whales.

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