The FT report shows prior knowledge of the launch of the Melania Trump memecoin

A group of wallets is said to have made about $100 million from trading Melania Trump's memecoin just before the coin launched on January 19.

A cryptocurrency trading group is said to have purchased millions of dollars in Melania Trump memecoin just minutes before she announced the launch on social media.

According to a Financial Times report on May 6, cryptocurrency traders earned around $100 million from buying $2.6 million worth of MELANIA tokens before the public launch on January 19. Immediately after Trump announced the memecoin launch on social media, the price surged from around $2.00 to $12.95 — a 550% increase. Traders reportedly sold all their holdings within 12 hours.

"In total, 24 accounts purchased 16.7 million out of a total of 200 million $MELANIA tokens scheduled for sale during the launch period," the Financial Times reported. "[...] the pre-launch sale continued. About $900,000 worth of tokens were purchased by 22 other accounts within 42 seconds after the launch."

The memecoin began trading about two days after President-elect Donald Trump announced the launch of his own TRUMP coin. Both tokens are being closely monitored by lawmakers, who allege conflicts of interest and corruption due to the potential for bribery and foreign influence.

Memecoin dinner prompts impeachment calls

Much of the scrutiny and criticism from U.S. lawmakers regarding the memecoin seems to be aimed at the president rather than the first lady. #melina