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"The $MELANIA and $LIBRA Investigations: A Case Study in On-Chain Forensics"
Unmasking Meme Coin Manipulation: A Bubblemaps Case Study
The recent collapses of the MELANIA and LIBRA meme coins underscore the critical need for transparent on-chain analysis. Blockchain analytics firm Bubblemaps provided a masterclass in forensic investigation, tracing both launches back to a single entity.
Their analysis identified wallet 0xcEA as a central actor. This wallet reportedly generated $2.4 million** by sniping the **$MELANIA launch just minutes before it went public, and then used a series of cross-chain transfers to Avalanche to obfuscate the transaction history . Weeks later, the same wallet funded the creator of $LIBRA** and executed an identical sniping strategy, netting **$6 million in profit .
Bubblemaps' visualization tools made these connections clear, revealing a pattern of behavior that strongly suggested the same team orchestrated both token launches for insider profit . This case highlights how wallet clustering and transaction pattern analysis can expose risks that are not apparent from a project's marketing or promotions.
Closing Insight: On-chain analytics transforms blockchain's inherent transparency into a powerful tool for accountability. For investors, leveraging these tools is no longer optional but essential for navigating the meme coin landscape and identifying potential fraudulent activity before incurring losses.
A case study analysis of how Bubblemaps' on-chain forensics uncovered connections between the MELANIA and LIBRA meme coin launches, highlighting tools for risk assessment.