Traders Earn $100 Million Profit From Melania Trump Meme Coin

A group of traders made a significant profit by purchasing Melania Trump’s $MELANIA meme coin just before its public announcement. According to a report, 24 wallets bought $2.6 million worth of $MELANIA approximately 150 seconds before the First Lady’s January 19 Truth Social post, which revealed the cryptocurrency. This strategic purchase allowed the traders to earn nearly $100 million in profits.

The traders' profits from the meme coin were largely converted into USDC, although the identities behind the wallets remain unknown. The launch of $MELANIA, along with U.S. President Donald Trump’s $TRUMP coin just days before his inauguration, has sparked concerns about presidential ethics. Critics argue that these cryptocurrency ventures could be seen as offering access to the presidency in exchange for financial gain.

Trump is set to host an exclusive dinner for the top 220 $TRUMP investors at Trump National Golf Club in Washington, D.C., later this month. This event has prompted several U.S. lawmakers to question its nature and potential implications. Senators Elizabeth Warren and Adam Schiff have called for an urgent inquiry into Trump’s crypto venture, emphasizing the need for transparency and ethical conduct.

Senator Richard Blumenthal, the ranking member of the U.S. Senate Permanent Subcommittee on Investigations, has announced a preliminary inquiry into Trump’s ties to the crypto industry. Blumenthal described the situation as an unprecedented pay-to-play scheme, where access to the presidency could be offered to the highest bidder in exchange for financial gain.