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.
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.
See Also: Trump Names Uyeda Acting SEC Chair, Regulators Get Ready For Crypto Makeover
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.
Price Action: At the time of writing, TRUMP was exchanging hands at $43.13, surging 20.53% in the last 24 hours, according to DEX Screener.
Read Next:
- Trump’s DOGE Committee Faces Lawsuits Over Alleged Federal Advisory Violations, Lack Of Transparency
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