"Libra Scandal Rocks Crypto: TRUMP Coin Unscathed, MELANIA's Fate Unclear"

The crypto world has been rocked by the Libra scandal, with Argentinian President Javier Milei promoting a cryptocurrency called Libra that quickly lost nearly all of its value after insiders dumped the token. The incident has raised questions about whether this could benefit the prices of certain meme coins, such as the TRUMP coin.

While the Presidential office has stated that Milei was not involved in the crypto's development, the opposition in Argentina is calling for his impeachment. A federal Argentinian judge is set to investigate the saga, which has sent Argentinian stocks reeling on Monday.

The story has dominated headlines in crypto this week, and it's not a good look for the industry, which has struggled to overcome an association with "crime" and "scams" since its inception.

As for the TRUMP coin, it is unlikely to benefit from the Libra scandal. The coin is already down over 13% on the week and could soon retest its recent lows in the $14 area. No association between the creators of TRUMP coin and Libra has yet been uncovered. However, links between Libra and MELANIA, the first lady's meme coin, have been uncovered.

Bubblemaps recently published a thread on X presenting evidence for the connection. Does that mean MELANIA is also a rug pull in waiting? It's chart certainly looks like it has already been just that, with MELANIA last trading around $1.25, down over 90% from its post-launch record highs above $13 per token.

However, association with a meme coin scandal like LIBRA could significantly dent MELANIA's value going forward. There is no on-chain or otherwise evidence to suggest TRUMP is also connected. However, that doesn’t mean “scam” FUD won’t also damage demand for TRUMP going forward.

One major criticism of TRUMP coin is the tokenomics distribution, which heavily favors early investors, insiders, and Trump himself. The coin could perform very well in the years ahead, but meme coin investors should always be looking to diversify their holdings.

One exciting new meme coin that should be on their radar is a project called Meme Index (MEMEX). Unlike typical meme coins riding hype alone, Meme Index offers a