In a notable turn of events in the cryptocurrency market, wallets associated with the TRUMP token team executed a $4.2 million airdrop of the Meteora (MET) token to the OKX exchange, just as trading commenced. This coincidental timing raised questions about market intentions, especially as the MET price plummeted approximately 40% shortly thereafter.
According to reports from Arkham Intelligence, these wallets, identified as belonging to a developer and certain early liquidity providers, transferred the full airdrop amount to OKX almost immediately after its arrival. The timing of this mass deposit coincided directly with MET’s listing on the exchange, hinting at a pre-planned strategy to offload tokens promptly upon receipt. The coordinated move was interpreted as a significant source of exit liquidity for the airdrop recipients, intensifying selling pressure on the newly listed token.
As trading began on OKX, analysts highlighted how the influx of these sales could amplify volatility in the MET/USDT trading pair. Market data reflects that since reaching a peak at $0.6904, MET’s price faced downward momentum, currently trading around $0.5320.
The latest price dynamics show that the $0.55–$0.50 price range has turned into a critical support zone where traders are watching for potential stabilization. Some speculate that a rebound might push prices toward the $0.58–$0.60 range, marking short-term resistance levels. Conversely, if MET fails to maintain above the crucial $0.50 support, further declines to the $0.45 mark could be on the horizon.
The overall market capitalization of Meteora has shrunk to approximately $255.37 million, reflecting a steep increase in trading volume—over 148,000% in just 24 hours. This surge suggests either a wave of speculative trading or significant profit-taking by earlier recipients of the airdrop. With a circulating supply of 480 million MET tokens out of a total market cap of one billion, the liquidity landscape is moderate but laced with risks of elevated volatility.
This recent turn of events comes amid heightened interest in the TRUMP token, which has seen a 50% increase in trading volume as discussions regarding a substantial $1 billion treasury for purchasing and holding the token circulate. As the market reacts, stakeholders are advised to remain cautious and attentive to further developments.
