A group of cryptocurrency traders made around $100 million by buying $2.6 million worth of Melania Trump’s memecoin MELANIA before it was publicly launched on January 19. After Trump’s announcement, the memecoin’s price surged 550% from around $2.00 to $12.95. Traders sold their holdings within 12 hours.
The report states that 24 accounts purchased the total 16.7 million MELANIA tokens that were planned to be issued, and within 42 seconds of the launch, another 22 accounts bought $900,000 worth of tokens.
Both the MELANIA token and Donald Trump’s TRUMP token have come under scrutiny from lawmakers for potential conflicts of interest and corruption. Both tokens have seen significant price drops since their launch in January, with the MELANIA token priced at $0.31 and the TRUMP token at $10.90 at press time. (Cointelegraph)