A Financial Times report has revealed that a small group of traders profited approximately $99.6 million by purchasing the Melania Trump memecoin, MELANIA, just minutes before its public announcement on January 19. In the two and a half minutes leading up to the launch, around two dozen digital wallets acquired $2.6 million worth of tokens, which surged in value following Melania Trump’s social media post. The traders quickly sold off most of their holdings, with 81% of sales occurring within 12 hours. The MELANIA coin was launched shortly after Donald Trump introduced his own TRUMP token. The FT analysis raises concerns about a lack of regulatory oversight, as these celebrity or political memecoins are not classified as securities under U.S. financial regulations.
Small Group of Traders Reportedly Made $99.6M From Pre-Launch Purchases of Melania Trump Memecoin
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