The move comes amid fraud probes and renewed scrutiny of the token’s launch, which earlier this year saw large withdrawals that rocked investor confidence and drew legal attention.
Before these purchases, the same addresses reportedly held roughly $57 million in USDC, enabling a quick rotation from stablecoin holdings into a major Layer-1 token.
Blockchain analysts flagged the activity after tracing a string of transfers that drained the last remaining liquidity from the token’s market.
Market watchers said the swap into SOL is notable because it moves money from a controversial, politically linked memecoin into a mainstream crypto asset.
The broader pattern of meme tokens tied to politicians has raised fresh worries about transparency and investor protection, with some lawmakers and regulators taking a closer look.
That gap between probe announcements and actual seizure powers has prompted calls for faster cross-border coordination in crypto enforcement.
The episode adds to a string of high-profile memecoin blowups tied to public figures. Analysts say these events underline the danger for everyday investors who pile into tokens after a celebrity mention or viral hype.
Featured image from Gemini, chart from TradingView
