Meme Coin MELANIA Surges 98% After Trump Inauguration

In a recent development, the US first lady introduced the token on social media hours before her husband Donald Trump's inauguration. Two and a half minutes before Melania Trump's post was published on the Truth Social platform, two dozen wallets bought MELANIA for $2.6 million. Amid the sharp rise in price, traders quickly sold the coins, with 81% of their assets realized within the first 12 hours.

One wallet spent $681,000 on the meme coin 64 seconds before the project's existence was announced. This account made $39 million in 24 hours, shedding most of its assets. Sales over the next three days brought it another $4.4 million. The first wallet to buy tokens ahead of the launch purchased $40,000 worth of MELANIA 141 seconds before the post went live. The account then sold 86% of the coins within two hours, earning $2.5 million.

The findings of Bubblemaps experts confirmed that the wallet was funded from an account used previously in Hayden Davis' projects. The entrepreneur claimed to have been involved in the launch of MELANIA. He was also listed as the CEO of Kelsier, the company behind the LIBRA meme coin. In February, the coin was promoted by Argentine President Javier Milay, which eventually led to a political scandal.

According to MELANIA's official website, the meme token is being sold by MKT World LLC. The Delaware-registered firm has been used by the first lady for various businesses since 2021. Davis in an interview with youtuber Stephen Findeisen said, "The MELANIA team didn't make any money. We didn't withdraw any liquidity. Zero."

In April, Bubblemaps discovered that the meme coin's developers had withdrawn from the community fund and sold $30 million worth of tokens. Two days before the inauguration, TRUMP's own official coin was presented by Donald Trump. Behind the asset is a team that has nothing to do with MELANIA. The first sale of TRUMP took place 42 seconds after the politician published a post on Truth Social about the token's launch.

The organizations behind the coin made at least $350 million. Trump assured in an interview that he does not profit from the meme-coin. As of this writing, MELANIA traded nearly 98% below the all-time high of $13.05 recorded shortly after its official launch. TRUMP quotes have shown a similar trajectory. The coin is valued 85% lower than ATH at $73.43.

This event highlights the potential for insider trading in the cryptocurrency market, where individuals with advance knowledge of upcoming announcements can make significant profits. The rapid buying and selling of MELANIA tokens before and after the launch suggests that some traders had prior knowledge of the token's introduction, allowing them to capitalize on the price surge. The involvement of Hayden Davis and his connection to previous meme coin projects adds to the suspicion of insider trading. The fact that the MELANIA team claimed not to have made any money from the token's launch, despite the significant profits made by early buyers, further complicates the situation. The withdrawal of $30 million worth of tokens from the community fund by the developers also raises questions about the transparency and integrity of the project. The launch of TRUMP's official coin and the significant profits made by its organizers further illustrate the potential for financial gain in the meme coin market. The sharp decline in the value of both MELANIA and TRUMP tokens since their launch highlights the volatility and risk associated with investing in meme coins. Overall, this event serves as a reminder of the need for greater regulation and oversight in the cryptocurrency market to prevent insider trading and protect investors from potential fraud and manipulation.