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 MET during 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 MET tokens.
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 MET for their activity in supplying liquidity to the TRUMP token trading pair. TRUMP caused a trading record on Meteora in early 2025, putting the DEX in the lead among all Solana trading venues.
The activity singled out the TRUMP team’s wallets to become top MET recipients. However, the team did not hold onto the token, instead increasing the selling.
Meteora’s MET slides in the first hours of trading
MET launched with a price of $0.68, later sliding to $0.51. MET followed 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. MET is 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.
MET tokens have currently flowed mostly into top holder wallets, with extremely limited selling from KOLs. In the early stages of trading, the MET token holder structure matches the tokenomics map released recently.
According to Bubblemaps, one entity received $10M worth of MET, possibly the biggest single airdrop allocation of the year.
MET tokens 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 MET recover?
The rapid initial selling of MET signals an expectation that the price discovery will take the asset lower. However, as MET slid, a whale spent $3M USDC to 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 TRUMP and MELANIA.
Meteora still gets a boost from the inflows of USDC on 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 MET is to go through an early crash, then recover its past levels if buyers return. MET was sold as high as $1.17 during its IEO on 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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