In the crypto casino world, “investing” in some coins can either be a dangerous game or handsomely rewarding. Meme coins have been known to explode out of nowhere, promoting insiders to millionaire status. Mostly, it is the chopping board for latecomers.
The slaughterhouse is where +99% of all meme coin traders hoping to strike gold often head to. Those who FOMOed and bought TRUMP and MELANIA crypto meme coins at peak are now crying. And they ought to. When TRUMP crypto hit the secondary markets, trading on Binance, it flashed to as high as $75. Melania crypto, on the other hand, soared above $13.
(Source: MELANIA USDT, Gecko Terminal)
Fast-forward nine months, and just when Trump and Xi Jinping are battling, the TRUMP and MELANIA meme coins are a shadow of their former self. They are a spent cartridge, a shell, and not only are they down in the meme coin market cap ranking, but there is bad news for creators.
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Melania Crypto Creators Accused of Fraud
Latest reports show that the creators of the official Melania Trump meme coin are in trouble, and victims, mostly the crowd who aped in, buying a ton of MELANIA meme coin using their life savings, want compensation.
Court filings submitted in New York on Tuesday accused executives of Meteora, the DEX on Solana, of deploying a token that they very well knew would plummet.
Plaintiffs claim that Meteora’s top brass, from where MELANIA crypto first began trading, deliberately set up a scheme for their partners to purchase a large stash of MELANIA crypto on launch. Later, these tokens were sold for hefty profits.
For traders who were left holding the bag, not only did they pray and hope that prices would rebound, but nine months later, they now know that the meme coin is unlikely to recover.
As of October 22, MELANIA is trailing some of the best crypto presales, sliding -99.3% from all-time highs. The meme coin slid to post all-time lows on October 10 when it crashed to $0.09202.
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Interestingly, Melania Trump is not in the crosshairs. Instead, victims claim Meteora executives “used her” to “window dress” their crimes.
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Who Is To Blame? Melania Meme Coin Was A Scam From The Very Beginning
If this lawsuit succeeds, more will be filed, even targeting the Trump meme coin.
Still, how these victims will be compensated remains to be seen.
However, they would have saved themselves if they had done their due diligence before buying blindly.
The Melania meme coin launch had many red flags that would have prevented smart traders from diving in right away.
First, the Melania Trump website associated with the meme coin was launched a day earlier, shoddily, even without Cloudflare protection. Combined with poorly coded front-end elements, it showed that developers saw this meme coin as nothing more than a hasty grift, not a legitimate project.
Moreover, seconds after MELANIA launched, a cluster of wallets sniped and bought over $2.5M of MELANIA, allowing insiders to control the total supply from the start. A big bulk of the total supply was held by insiders, contradicting public claims that MELANIA tokens were fairly distributed.
Hours after the meme coin started trading, an address with over 100M MELANIA tokens sold 89M, raking in more than $96M in profits.
There are also questions about how fast MELANIA prices pumped, and dumped. If anything, onchain analysts believe the explosive leg up was engineered, and the sell-off that followed was well orchestrated to keep the crowd happy while insiders exited.
Interestingly, the address that initially funded the creator’s wallet traded actively on Pump.fun.
When writing, the Melania meme coin continues to bleed with no floor in sight.
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Melania Crypto Bleeding, Slides 99.3% As Lawsuit Filed In New York
Melania crypto free-falling
Was the Melania meme coin a classic rug?
Victims suing Meteora executives
Did investors ignore red flags?
The post Who’s Melania Trump’s Scapegoat? Meme Coin Dev Faces Chopping Block for MELANIA Crypto Project appeared first on 99Bitcoins.
