FT report suggests advance knowledge of Melania Trump memecoin launch
Crypto traders purchased $2.6 million worth of Melania Trump’s MELANIA tokens minutes before her public launch announcement, reportedly earning around $100 million as the price surged from $2.00 to $12.95, a 550% increase. The 24 accounts acquired 16.7 million of the 200 million total tokens available. An additional $900,000 worth of tokens was bought by 22 accounts within 42 seconds post-launch. Both MELANIA and TRUMP tokens have faced scrutiny from lawmakers over potential conflicts of interest and corruption. Following the announcement of a private dinner for top TRUMP token holders, a senator called for impeachment. Prices for both tokens have significantly declined since their launch, with MELANIA dropping to $0.31 and TRUMP to $10.90. Two companies linked to the president control about 80% of the TRUMP supply, raising concerns about insider trading and investor risks.
