- A select group of cryptocurrency traders made nearly $100 million from early purchases of Melania Trump’s new memecoin.
- One trader earned $39 million within 24 hours by buying large amounts of the coin just before its public launch.
- The lack of federal regulation over meme coins exposes investors to high risks and potential insider trading, according to the Financial Times.
A small group of cryptocurrency traders secured $99.6 million in profit after swiftly purchasing Melania Trump’s new memecoin, $MELANIA, minutes before it was publicly announced. The incident took place right before former President Donald Trump’s second inauguration, according to a recent report.
Data reviewed by the Financial Times showed that roughly two dozen digital wallets bought $2.6 million worth of $MELANIA just two and a half minutes ahead of the coin’s official reveal on Truth Social. The value of the coin rose sharply after the public announcement, allowing these early buyers—sometimes called “snipers”—to profit as regular investors joined in.
One account reportedly spent $681,000 on $MELANIA just 64 seconds before the announcement. This trader collected $39 million within a day by selling when the coin’s price spiked, stated the Financial Times.
Melania Trump introduced her memecoin on January 19, just two days after Donald Trump released his own cryptocurrency, $TRUMP. The report noted there were no early purchases of Donald Trump’s coin before his launch, but parties behind the $TRUMP token still garnered at least $350 million from token sales and related fees.
Meme coins—digital currencies often based on internet jokes or celebrity endorsements—can be created by anyone and are known for their volatile price swings. They are not regulated by U.S. securities laws, meaning there are few rules preventing insider trading or unannounced launches. This exposes investors to unique risks, unlike more established financial products.
MKT World LLC markets the $MELANIA coin, the same company used for the former first lady’s various business projects. It is unclear how profits are divided between the company and other involved parties. Officials from Melania Trump’s office declined to comment for the Daily Mail.
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