Cryptocurrency Traders Make Huge Profits from MELANIA Memecoin
According to a report from the Financial Times, a group of cryptocurrency traders purchased millions of USD worth of Melania Trump's memecoin before she announced it on social media. They profited around 100 million USD after buying 2.6 million USD of MELANIA Tokens before the public launch on January 19. The price of this Token rose from 2.00 USD to 12.95 USD, a 550% increase. The traders sold out within 12 hours. In total, 24 accounts purchased 16.7 million out of the 200 million Tokens sold.
The Controversy Surrounding MELANIA and TRUMP Tokens
From January 19 to January 28, the Tokens were closely monitored due to concerns about conflicts of interest and corruption. When then-President Trump announced the TRUMP Token, both faced accusations from U.S. lawmakers. One senator called for impeachment after Trump announced he would invite some TRUMP Token holders to a private dinner.
Token Prices Drop Sharply Amid Criticism from Lawyers
The prices of Tokens have rapidly declined since their launch. Melania's Token has dropped to 0.31 USD, while the TRUMP Token has also decreased to 10.90 USD as of May 6. Two companies related to Trump control about 80% of the TRUMP Token supply, although many Tokens are still locked and will be released over the next three years. Critics argue that the project could harm investors.
The Controversial Path of Trump's Cryptocurrency Project
Projects related to Trump and cryptocurrency have raised many questions about conflicts of interest and insider trading. Despite the criticisms, public interest in memecoins continues to grow. However, the long-term viability of these currencies remains a significant question mark.
Source: https://tintucbitcoin.com/melania-trump-memecoin-thong-tin-truoc-khi-ra-mat-tu-ft/
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