In the world of crypto casinos, “investing” in some coins can be a dangerous or generously rewarding game. Meme coins have been known to explode out of nowhere, promoting insiders to millionaire status. Mostly it’s the chopping block for latecomers.
The slaughterhouse is where 99% of all meme coin traders hoping to find gold often go. Those who went FOMO and bought TRUMP and MELANIA crypto meme coins at the peak are now crying. And they should do it. When the TRUMP cryptocurrency hit the secondary markets, trading on Binance, it jumped to as high as $75. The Melania cryptocurrency, however, rose above 13 dollars.
(Source: MELANIA USDT, Gecko Terminal)
Fast forward nine months, and just when Trump and Xi Jinping are fighting, the meme coins of TRUMP and MELANIA are a shadow of their former selves. They are a spent cartridge, a shell, and not only are they low in the meme coin market cap rankings, but there is bad news for the creators.
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Melania Cryptocurrency creators accused of fraud
Latest reports show that the creators of the official Melania Trump meme coin are in trouble and the victims, especially the aping crowd, purchasing a ton of MELANIA meme coin using their life savings, want compensation.
Court documents presented on Tuesday in New York they accused the executives of Meteora, Solana’s DEX, of having used a token that they knew full well would collapse.
The plaintiffs claim that the management of Meteora, from where the MELANIA cryptocurrency began trading, deliberately created a scheme to allow their partners to purchase a large supply of the MELANIA cryptocurrency upon launch. Subsequently, these tokens were sold for huge profits.
Traders who were left holding the bag not only prayed and hoped for prices to rebound, but nine months later, they now know that the meme coin is unlikely to recover.
As of October 22, MELANIA is at a disadvantage for some of the the best cryptocurrency presalesdown -99.3% from historical highs. The meme coin slid to record lows on October 10, when it plummeted to $0.09202.
Interestingly, Melania Trump is not in the crosshairs. Instead, victims say Meteora executives “used” it to “window dress” their crimes.
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Who’s to blame? Melania meme coin was a scam from the beginning
If this lawsuit is successful, others will be filed, including targeting Trump’s meme coin.
However, it remains to be seen how these victims will be compensated.
However, they would have been saved if they had done their due diligence before blindly buying.
The Melania meme coin flip had many red flags that would prevent smart traders from diving in immediately.
First, Melania Trump’s website associated with the meme coin was launched a day early, poorly, even without Cloudflare protection. Combined with poorly coded front-end elements, it showed that the developers saw this meme coin as nothing more than a rushed scam, not a legitimate project.
Additionally, within seconds of MELANIA’s launch, a group of wallets snapped up and purchased over $2.5 million worth of MELANIA, allowing insiders to control the total offering right from the start. Much of the total supply was held by insiders, contradicting public claims that MELANIA tokens were equally distributed.
https://twitter.com/bubblemaps/status/1881094639765381586
Hours after the meme coin began trading, an address with over 100 million MELANIA tokens sold 89 million, reaping profits of over $96 million.
There are also questions about how quickly MELANIA prices have risen and fallen. If anything, onchain analysts believe the explosive lead was engineered and that the sell-off that followed was well orchestrated to keep the crowd happy while insiders walked away.
Interestingly, the address that initially funded the creator’s wallet was actively traded on Pump.fun.
https://twitter.com/jconorgrogan/status/1881095240330989934
As I write this, the Melania meme coin continues to bleed with no floor in sight.
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Melania Crypto Bleeding, Slips 99.3% as Lawsuit Filed in New York
- Melania cryptocurrency in free fall
- Was the Melania meme coin a classic carpet?
- The victims sue Meteora executives
- Have investors ignored the warning signs?
The post Who is Melania Trump’s scapegoat? Meme Coin Dev Faces Chopping Block for MELANIA Crypto Project appeared first on 99Bitcoins.