Trump Team Sells $4.2M MET Airdrop on OKX, Pressuring Price
On October 23, Arkham data show three addresses linked to the Trump crypto team received a $4.2 million MET airdrop for providing liquidity to the TRUMP/MET pair on Meteora DEX. They immediately transferred their MET airdrop to OKX, generating early sell pressure. MET opened at $0.68 and dropped to $0.51 on Solana’s DEX. Despite the initial dump, a whale bought $3 million USDC worth of MET, hinting at possible recovery. Meteora’s TVL stands at $898 million, and the DEX has generated $5.2 million in fees, driven by meme tokens like TRUMP and MELANIA. The MET airdrop targeted liquidity providers, JUP stakers, M3M3 holders and Season 1 snapshot participants, with Season 2 details still pending.
Bearish
The immediate transfer of a $4.2 million MET airdrop to OKX by Trump team addresses triggered strong sell pressure, driving MET from $0.68 to $0.51 on Solana’s DEX. Such large airdrops often lead to short-term dumps. Although a whale’s $3 million USDC purchase may offer support, the initial outflow indicates downward momentum. Over the long term, sustained DEX fee revenue and strategic buys could stabilize MET, but the near-term outlook remains bearish due to continued sell incentives.