A cryptocurrency investor put $800,000 into the officially recognized meme coin of Melania Trump, known as MELANIA, and reportedly earned more than 1,950% returns on this investment, based on information from data platform Lookonchain.
MELANIA’s 25,600% price surge mints millionaires
On January 20th, a user with the address 4zo6…zHF2 purchased $800,000 worth of USDC (USD Coin). In less than a day, they multiplied their initial investment by around 20 times, resulting in a staggering 16.45 million USDC, which represents an impressive return of almost 2000%.
Simultaneously, another Solana user saw their USDC investment in the MELANIA memecoin grow from $560,000 to an impressive $11.5 million. Additionally, rumors circulated about a trader amassing a significant profit of approximately $47.5 million.
In just under a dozen hours following its initial launch on various cryptocurrency platforms, Melania experienced an astonishing surge of over 25,600%. This impressive growth was observed alongside it.
As per Melania Trump’s confirmed account on X, the token has managed to accumulate around 500,000 owners so far, as reported by DEX Screener. It currently ranks as the 10th most actively traded cryptocurrency in terms of volume.
Melania’s prominence emerged prior to Trump’s inauguration on January 20, coinciding with the debut of the official Trump meme coin, known as Official TRUMP ($TRUMP).
Just hours preceding Melania, Trump made a sudden appearance among the top 20 cryptocurrencies in terms of market capitalization, achieving a fully diluted worth of approximately $50 billion overnight.
Is MELANIA a “rug pull”?
After the introduction of the MELANIA memecoin, certain analysts have voiced apprehensions over aspects such as the coin’s token distribution model, the security of its official website, and the structure of its development team.
As a crypto investor, I recently came across an interesting finding from blockchain analytics platform Bubblemaps regarding Melania’s tokens. Contrary to their claims, it appears that almost 90% of the token supply is being held in just one wallet. This goes against their assertions of a fair distribution of tokens within the project.
The website that was built on the eve of its unveiling has drawn criticism due to its inadequate cybersecurity measures and subpar coding, with crypto developer “cigar” referring to it as “hastily done.
In simpler terms, Conor Grogan from Coinbase implied that the management of Melania, in comparison to the Trump token, might be less structured and more like a project managed by students at college.
It appears that the management of this token might have been taken care of by a distinct team from the one working with TRUMP. The style suggests it could be a group of skilled traders, but to me, it seems more like the work of students rather than seasoned professionals.
— Conor (@jconorgrogan) January 19, 2025
More questions were raised about the project due to its financing being connected to pump.fun, a Solana platform famous for launching memecoins with high-risk ventures. Although Grogan considered a “rug pull” unlikely, concerns about the project’s openness and reliability continue.
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2025-01-20 16:56