Crypto experts at Bubblemaps have recently stated their suspicion that the development team behind the Official Melania Meme ($MELANIA) coin may have sniped it (used automated tools to instantly buy new tokens when they launch to flip them for profit).
The analysts point at the blockchain activity of a Solana wallet address they called ‘0xcEA.’ Anonymous investors capitalized on Melania Trump’s new crypto release on January 19 and bagged $2.4M.
They then transferred the funds to another wallet on Avalanche and distributed them across multiple Solana wallets through several cross-chain transfers. This shows an effort to hide the transaction history.
The Link Between $MELANIA Coin and $LIBRA Crypto Scam
According to Bubblemaps analysts, the 0xcEA wallet is also linked to another notorious crypto fiasco, Libra ($LIBRA), which happened on February 15.
The modus operandi was almost identical. The investor(s) cashed in approximately $6M, then moved the funds through several wallets between Arbitrum and Avalanche.
This led the analyst team to conclude that the two events were sniped by the same actors. Moreover, the consensus is that the investor is either a member of the development team behind $LIBRA or someone closely associated with them.
The official $MELANIA coin surged to $13B within four hours of its release and lost 99% of its value over the course of the following eight hours.
The Official Trump ($TRUMP) token suffered a similar fate with 38% of its value being wiped out in just 40 minutes.
The Presidential Crypto Scam Trend
The case of $TRUMP and $MELANIA crypto failures is not singular, as there are several other examples of presidentially supported coins crashing overnight.
Javier Milei’s $LIBRA Controversy
Javier Milei, the president of Argentina, found himself in hot waters after promoting $LIBRA on his X account.
At the time that Milei endorsed $LIBRA, most of the project’s tokens were held in a handful of digital wallets. The token itself had been created merely minutes before Milei’s X endorsement.
Following the fiasco, Milei apologized for endorsing the failed project and deleted his X post. Still, several Argentinian lawyers have filed criminal fraud charges against the president, accusing him of rug-pull and ‘illicit association to commit fraud.’
Central African Republic’s President Launches Suspicious National Meme Coin
President Faustin-Archange Touadera announced the release of the Central African Republic Meme ($CAR) token in an X post on February 9.
The announcement was immediately met with skepticism for several reasons. The first one is that deepfake detection tools immediately flagged the president’s video as suspicious, yet some users argued that AI verification platforms are unreliable.
The second, and most important one, is that the $CAR token lost 60% of its value shortly after reaching its $900M market cap. The situation doesn’t look much better today.
These cases show that relying on high-profile figures to inform your investment strategies isn’t the wisest choice. But there are ways to find reliable meme coins and minimize the risk of losing your investment.
Best Wallet ($BEST) Filters Out Suspicious Projects
Best Wallet ($BEST) is a non-custodial platform that provides users with full control over their wallet security and asset management. $BEST holders enjoy lower transaction fees and early access to the best presales.
Instead of surfing the web in the search of new meme coins on presale, you can now find and buy vetted projects in Best Wallet’s Upcoming Tokens section.
On top of that, Best Wallet lets you claim tokens directly from your account instead of visiting the project’s website.
The platform’s Best DEX decentralized exchange allows for swift cross-chain transactions and only lists verified crypto projects and the best altcoins.
The $BEST token currently costs $0.024025, and the presale has accumulated over $10M in funding. Investors receive dynamic staking of up to 162% APY rewards based on the number of stakers.
Best Wallet Protects Investors From Potential Scams Like the $MELANIA Coin
Celebrities endorsing suspicious crypto projects or outright scams is nothing new, but there are ways to avoid these pitfalls.
Platforms like Best Wallet ($BEST) offer a secure ecosystem for you to diversify your portfolio and manage your assets safely.
This makes Best Wallet a community-driven platform with a strong foundation and user-oriented philosophy.
As always, you should DYOR (Do Your Own Research) before investing. The crypto market remains volatile and risky.
