A trader’s actions planted doubts on Tuesday after they bought over $5 million worth of Official Trump TRUMP/USD memecoin at the bottom just minutes after President Donald Trump said he knows little about it.
What Happened: In an X post, capital markets commentator The Kobeissi Letter drew attention to suspicious dealings shortly after Trump made his first public statement on his official coin.
The post noted that TRUMP fell over 33% three minutes after Trump’s remarks. At the exact bottom, a wallet scooped $5.09 million of the coin, which The Kobeissi Letter deemed as “one of the biggest single purchases” since the coin’s launch.
Don't Miss:
- Coinbase’s latest promo gets you up to $200 in crypto (Seriously!) — Here's everything you need to know to take advantage of this offer.
- ‘Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can invest today for just $0.26/share with a $1000 minimum.
The subsequent purchase led to a quick recovery in the coin’s value, netting the trader $2.4 million in profits in just 14 minutes later.
The Kobeissi Letter called this development unusual. “Did someone know?” it said, alluding to insider training.
The findings were drawn from analytics platform DEX Screener and independently verified by Benzinga. The team behind Trump’s memecoin didn’t immediately return a request for comment.
Trending: If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it?
Why It Matters: Trump appeared nonchalant when he was asked about the Solana SOL/USD-based memecoin during his first White House news conference.
"I don't know much about it other than I launched it. I heard it was very successful. I haven't checked where is it today,” he said.
However, when a journalist suggested that Trump had made "several billion dollars" from the venture, the president called it “peanuts.”
According to the coin's official website, entities linked to Trump’s family-owned conglomerate, The Trump Organization, control 80% of the coin’s supply.
Read Next:
- It’s no wonder Jeff Bezos holds over $70 million in art — this alternative asset has outpaced the S&P 500 since 1995, delivering an average annual return of 11.4%. Here’s how everyday investors are getting started.
- Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Last Chance to get 4,000 of its pre-IPO shares for just $0.26/share!
Image via Shutterstock
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
