Meteora Airdrop: Whales Take 28.5%, MET Price Drops
Meteora airdrop on Solana unlocked 480 million MET tokens (48% of supply) on October 23. On-chain data shows four whales captured 28.5% of the airdrop, while over 60,000 retail addresses shared just 7%. This aggressive token distribution caused MET price to drop from $0.90 to $0.51 within hours.
The Meteora airdrop’s aggressive distribution model links top claimants to Jupiter (JUP) staking, past M3M3 memecoin distributions, and possible insiders. Controversial recipients tied to the Trump token and the Libra scandal have fueled community distrust. The uneven token distribution and potential legal fallout highlight risks for MET volatility.
Traders should monitor continued selling pressure and legal developments as key indicators of short-term and long-term market trends in Solana’s DeFi sector.
Bearish
The Meteora airdrop’s concentration in a few whale wallets and immediate price collapse signal strong selling pressure, suggesting bearish sentiment for MET. In the short term, further sell-offs by large holders could push prices lower. Long-term outlook is also bearish given the uneven token distribution, legal uncertainties, and community distrust, which may deter new liquidity and adoption in Solana’s DeFi sector.