Meteora Token Plummets 40% After Insider Airdrop Concerns

The Meteora token experienced a significant drop of over 40% on its first day of trading following the revelation that wallets linked to the TRUMP memecoin team received a substantial airdrop. Arkham Intelligence confirmed that three addresses associated with the TRUMP memecoin team were among the top five recipients in the airdrop, receiving a combined $4.2 million worth of Meteora tokens. The wallet holders immediately deposited their tokens onto the OKX exchange.