Key Takeaways
- •$TRUMP tokens on Solana are experiencing significant wallet activity and notable price shifts.
- •Over $1.5 million in unrealized profits have been observed in relation to these transactions.
- •The market is seeing increased volatility following substantial wallet movements involving $TRUMP tokens.
A new investor has purchased $TRUMP tokens on Solana, leveraging Hyperliquid, resulting in over $1.5 million in unrealized profit, amid ongoing market volatility.
This significant transaction highlights potential insider activity, sparking scrutiny from analysts and affecting cryptocurrency market stability, particularly impacting Solana and related meme tokens.
Whale Trader Acquires Significant $TRUMP Tokens
Linked to former BitForex CEO Garrett Jin, a whale trader on Solana acquired significant $TRUMP tokens, achieving $1.5 million in unrealized profit while leveraging Hyperliquid on October 29.
Market Volatility Linked to Solana and Hyperliquid Activity
The transaction underscores heightened market volatility and speculative trading, emphasizing the unpredictable nature of $TRUMP and similar assets.
Solana and Hyperliquid saw a spike in trading activity, causing volatile price swings and possible trader liquidations. Simultaneously, crypto markets experienced volatility spurred by Trump's tariff announcement, impacting liquidity and asset valuations.
Concerns Over Market Manipulation
Compared to past flash crashes, such as the 2010 S&P 500 incident, this event reflects significant market manipulation concerns. Experts predict continued volatility for $TRUMP with speculative trading driving high risks and potential large gains.
Garrett Jin, Former CEO, BitForex, stated: "The fund isn’t mine — it’s my clients’."
Transaction Details and Denials
Recent data show Garrett Jin-associated wallets purchased 165,401 $TRUMP tokens worth $1.4 million via Solana, spending 5,346 $SOL. Jin denies personal involvement, stating the funds belong to his clients and subsequently deleted statements made on Twitter.