Thousands of liquidity providers on Solana’s (SOL) Layer-1 network have queued for what’s supposed to be a 480 million token airdrop. Accounting for about 48% of MET coin’s total 1 billion supply, this Meteora airdrop was slated to reach JUP stakers, early adopters, liquidity providers & community reward farmers.
Why Meteora’s Airdrop Didn’t Go As Planned
However, that wasn’t exactly the case. The Meteora airdrop started raising havoc when one of the blockchain’s leading security companies noticed some discrepancies. According to Arkham’s research, three of the TOP 5 largest Meteora (MET) airdrop receivers are linked to the Official Trump meme coin team, netting $4.20 million across these three crypto wallets.
Subsequently, the decentralized exchange’s native coin MET started dipping drastically, going from $1.71 on the upper wick to $0.5655 as of this writing. Once it hit the major markets, MET inked $0.95, but had to retest the $0.50 demand territory thrice in 24-hours due to the intense profit-taking among holders on SOL.
Arkham’s team is tying the incident to two TRUMP meme coin liquidity providers & one developer. Tracing where the money had gone after this $4.20 million MET airdrop was acquired, all three crypto wallets had done the same thing – deposited the coins to OKX. Along with KuCoin & Bybit, OKX exchange opened the MET/USDT trading pair immediately after the public launch.
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Meteora, a key Solana DeFi protocol, launched MET on October 23, 2025, airdropping 480 million tokens (48% of 1B total supply) fully unlocked to early users, LPs, and JUP stakers for liquidity rewards. It aimed to boost participation but sparked instant volatility.
From ~$0.95 highs to ~$0.50 lows, the crash hit due to heavy dumps by big recipients, including Trump-linked wallets cashing $4.2M on OKX, raising “insider rug” fears amid unfair eligibility gripes. This eroded trust, despite $800M+ TVL holding steady.
Three TRUMP memecoin wallets (dev and early liquidity providers) qualified via prior Meteora activity, grabbing ~0.88% of supply and selling fast, fueling scandal amid broader Trump crypto hype. It was a small slice but amplified sell pressure.
X is furious over “sybil farming” favoritism and sidelined old users (needing 100K+ points), demanding audits amid “rug pull” calls. Meteora’s rep is bruised, but some defend it as typical Solana launch chaos.
A launch-day lawsuit accuses ex-co-founder Ben Chow of $57M scams via pumped memes like MELANIA & LIBRA, with those wallets also netting MET—adding “bribery” whispers post-CZ pardon.
