MELANIA memecoin whale nets $36.5M profit amid 'rug pull' concerns
A crypto trader invested $800,000 in Melania Trump’s memecoin, MELANIA, generating over 1,950% profits, with a total price surge of 25,600% within 12 hours of launch. Another investor turned $560,000 into $11.5 million. MELANIA attracted about 500,000 holders and became the 10th most traded cryptocurrency by volume shortly after its debut. Concerns arose regarding MELANIA's token distribution, with nearly 90% held in one wallet, and criticisms of its website security and code quality. Analysts suggested the project appeared less organized compared to Donald Trump’s official memecoin, TRUMP, which quickly entered the top 20 cryptocurrencies by market cap. Doubts about MELANIA's transparency and professionalism persist, though the likelihood of a "rug pull" was dismissed.
