"LIBRA & MELANIA: On-Chain Link Exposes Meme Coin Pump & Dump"

On-Chain Evidence Links LIBRA Token to MELANIA Meme Coin Issuers

In a recent turn of events, on-chain evidence has surfaced, suggesting a connection between the LIBRA token and the MELANIA meme coin, both of which have been embroiled in controversy. The investigation, conducted by blockchain analytics platform Bubblemaps and pseudonymous on-chain investigator Stephen Findeisen (CoffeeZilla), has revealed a series of cross-chain transfers and interconnected wallet activity that links the two projects.

The investigation traced a key Solana wallet, labeled "P5tb4," which accumulated over $2.4 million through early trading of the MELANIA token. These funds were then moved to an Avalanche wallet, "0xcEA," directly connected to the token's creator. Subsequently, the same Avalanche wallet funded "DEfcyK," identified as LIBRA's main creator wallet on blockchain explorer Solscan, establishing a clear money trail between the projects.

The LIBRA token, which received a now-deleted endorsement from Argentine President Javier Milei, saw its market cap surge into the billions before crashing 95% after insiders removed $87 million in liquidity. Similarly, the MELANIA token, promoted by the U.S. first lady in January, experienced an explosive rise before its value evaporated, leaving retail investors with heavy losses.

Bubblemaps' analysis suggests that the same group may have executed several other token launches, including projects codenamed TRUST, KACY, VIBES, and HOOD, following similar pump-and-dump patterns. In an interview with Hayden Mark Davis, a representative of KIP Protocol, the LIBRA meme coin's developer, Davis admitted to orchestrating both the LIBRA and MELANIA meme coin launches.

Davis claimed that Argentine President Javier Milei's team initially backed LIBRA as a blockchain transparency experiment before distancing themselves when problems emerged. He also revealed a contentious practice called "project sniping," where teams front-run their own token launches to protect against external traders who might crash prices. Davis confirmed rumors of an "insider benefit" deal with Dave Portnoy, founder of Barstool Sports, refunding him $5 million that he lost as a result of the LIBRA launch.

Davis outlined possible solutions