A Group Of Crypto Traders Reportedly Made $99.6 Million On The MELANIA Token

A new case is making a big buzz in the crypto world. A small group of traders reportedly made nearly $99.6 million in profits in just 12 hours. All the details in the following paragraphs!

24 wallets earned $99.6M in 12 hours thanks to the MELANIA memecoin.

The case reveals speculative abuses and the lack of regulation in the crypto market.

$99.6 million earned before the announcement of the MELANIA crypto-asset

According to a Financial Times investigation, 24 crypto wallets bought $2.6 million worth of $MELANIA just minutes before the official announcement on X. One of the wallets even made a profit of $2.5 million by reselling 86% of its tokens two hours later.

This type of trading raises the issue of possible insider trading in an as yet lightly regulated environment. As the investigation explains, the first purchase order was placed 2 minutes and 21 seconds before the announcement was published.

At the same time, the MELANIA token peaked at $5.50 before collapsing 96% in the following days. Unlike the TRUMP memecoin (which remains relatively stable), $MELANIA saw its value drop drastically.

Derived from the Solana blockchain, this crypto asset has no concrete utility (except for the fame of Melania Trump!). It illustrates a current trend where crypto-assets with strong media impact attract investors eager for quick gains.#CryptoNewss