The recent launch of Melania Trump's memecoin $MELANIA has captured the attention of traders who made significant profits by investing in the project before its official announcement.
Acquisition of Tokens Before Launch
According to a report by the *Financial Times*, traders invested $2.6 million to acquire 16.7 million $MELANIA tokens just minutes before its official release. Following Melania Trump's announcement on January 19, the token's price soared from approximately $2.00 to $12.95, marking a 550% increase. The traders sold most of their holdings within 12 hours.
Criticism and Suspicions
The *FT* identified 24 wallets that accumulated the bulk of the pre-launch tokens, while another 22 wallets purchased roughly $900,000 worth of tokens within 42 seconds following the announcement. This raised concerns about potential market manipulation or insider trading.
Current Situation with Tokens
After explosive launches, both tokens, MELANIA and TRUMP, have since experienced significant declines. At the time of writing, MELANIA is trading at around $0.31, and TRUMP is down to $10.90. Some experts also suggest that the tokenomics could give insiders the opportunity to mislead retail investors, especially as regulatory scrutiny over the cryptocurrency market increases.
The situation surrounding Melania and Donald Trump’s memecoins remains tense, attracting attention from both traders and lawmakers amid rising cryptocurrency regulation.
