On February 23, on-chain investigator ZachXBT posted that a major insider trading investigation involving employee misuse of internal data would be published on February 26. Within hours, Polymarket traders began speculating on the target, with Meteora emerging as the leading suspect.
Polymarket betting odds show Meteora with the highest probability among suspected platforms, backed by millions in volume. The concentrated wagers suggest traders may have identified plausible scenarios where insider advantages could occur.
Why Meteora? Solana Liquidity Protocol Under Scrutiny
Meteora is a Solana-based liquidity protocol that powers token launches and asset liquidity. It served as a central hub during high-profile meme coin launches like $TRUMP and $MELANIA. Reports from Coin Bureau and social media sources indicate those launches saw retail investors lose roughly $4.3 billion while early participants captured about $1.2 billion via single-sided liquidity strategies. These strategies let providers deposit just one token and earn fees as new buyers enter. Because liquidity platforms can see inflows and positioning early, traders believe any informational edge could originate from this layer.
The impact on $MET is clear: the token dropped 14.5% to $0.1697 in 24 hours, while trading volume surged 172.32% to $29.75 million. Heavy selling pressure and rising volume signal capitulation.
Other Suspects: Pump.fun, BullX, Jupiter, and MEXC
Several other platforms are also being floated, each for different reasons. Pump.fun, the largest meme-coin launchpad on Solana, could give employees early access to launch queues and trending tokens. BullX, a major Solana trading terminal, aggregates DeFi activity and tracks real-time order flow, whale moves, and token momentum. Jupiter, the leading swap aggregator, handles massive routing volume and has less direct launch visibility, yet its access to trade flows keeps it a low-probability candidate. MEXC, a well-known centralized exchange, is often mentioned because exchange staff may see listing schedules, deposits, and order book movements before the public.
ZachXBT has not confirmed any platform and offered no further hints. The upcoming report is expected to include wallet analysis, timelines, and on-chain evidence. Until the investigation is released, no platform has been officially accused or confirmed.