Blockchain analytics platform Bubblemaps on Sunday alleged a potential link between the teams behind the Official Melania (CRYPTO: MELANIA) meme coin and Argentine President Javier Milei-promoted LIBRA token, providing evidence of insider trading and manipulation.
What Happened: After a detailed analysis done in partnership with on-chain detective Stephen Findeisen, better known as Coffeezilla, Bubblemaps appeared “highly confident” that the creators of the two coins might be the same.
The investigation started with the tracking of sniper activity on MELANIA, which revealed a transfer of $2.4 million in sniped profits to a wallet linked to the creator of MELANIA.
Token sniping is a trading strategy that targets new token launches. It involves using automated trading bots to execute rapid transactions, gaining a competitive edge by acting faster than other market participants.
Further tracking revealed that the alleged MELANIA creator funded the creator of LIBRA, the token that was pumped and dumped after Milei’s endorsement during the weekend.
Bubblemaps alleged that the MELANIA creator also sniped the LIBRA token and made $6 million in profit. Moreover, the creator was also found to be involved in other pump-and-dump projects.
“The creator of MELANIA / LIBRA not only launched tokens to extract value but used insider knowledge to snipe them,” Bubblemaps said.
Meanwhile, Coffeezilla posted a video interview of him talking to Hayden Davis, one of the four creators of LIBRA, who can be heard admitting that he was part of Melania’s launch and sniped it.
Benzinga reached out to the White House and First Lady Melania Trump for a comment on this development. The article will be updated when they respond.
Why It Matters: This revelation comes in the wake of drama surrounding the controversial launch of LIBRA meme coin, which shot up after the Milei promoted it, but within three hours, plunged more than 80% as insiders began cashing out.
Milei deleted the promotional post, saying he was not fully aware of the project, and ordered an inquiry on the alleged misconduct. Meanwhile, opposition leaders have called for his impeachment.
The MELANIA coin, themed around First Lady Melania Trump, debuted last month, shortly after the launch of President Donald Trump’s Official Trump (CRYPTO: TRUMP) coin. The official website states that the MELANIA memecoin isn't affiliated with any political campaign, office, or government agency.
The Solana-based (CRYPTO: SOL) token has crashed more than 90% since hitting a peak value of $13.73 last month.
Price Action: At the time of writing, MELANIA was exchanging hands at $1.25, down 5.07% in the last 24 hours, according to data from Benzinga Pro. LIBRA traded at $0.4153, down 60% from its peak.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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