#MEMEAct
A small group of traders reported making $99.6M with pre-launch purchases of Melania Trump's Memecoin
A small group of traders reported making $99.6M with pre-launch purchases of Melania Trump's Memecoin
Bitcoin.com
By Bitcoin.com
A report from Financial Times has revealed that a small group of traders made approximately $99.6 million by buying Melania Trump's memecoin, MELANIA, just minutes before its public announcement on January 19. In the two and a half minutes prior to the launch, around two dozen digital wallets acquired tokens worth $2.6 million, which increased in value after Melania Trump's social media post. The traders quickly sold off most of their holdings, with 81% of the sales occurring within 12 hours. The MELANIA coin was launched shortly after Donald Trump presented his own token TRUMP. The FT analysis raises concerns about the lack of regulatory oversight, as these celebrity or political memecoins are not classified as securities under U.S. financial regulations.
