Who is Melania Trump's scapegoat? Meme Coin Developer Faces Hurdle for MELANIA Crypto Project

In the world of crypto casinos, “investing” in some currencies can be a dangerous or very rewarding game. Meme coins have been known to explode out of nowhere, promoting initiates to millionaire status. It’s basically the chopping board for latecomers.

The slaughterhouse is where 99% of all meme coin traders hoping to strike gold usually head. Those who made FOMO and bought TRUMP and MELANIA meme cryptocurrencies in their heyday are now crying. And they should. When the TRUMP cryptocurrency hit the secondary markets, trading on Binance, it reached $75. The Melania cryptocurrency, on the other hand, skyrocketed above $13.

(Fountain: MELANIA USDT, Gecko Terminal)

Nine months later, and just as Trump and Xi Jinping are fighting, the TRUMP and MELANIA meme coins are a shadow of their former selves. They are a spent cartridge, a shell, and not only are they down in the market cap ranking of meme coins, but there is bad news for the creators.

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Melania Crypto creators accused of fraud

The latest reports show that the creators of the official Melania Trump meme coin are in trouble, and the victims, mostly the crowd who faked it, buying a ton of MELANIA meme coin with their life savings, want compensation.

Court filings sent On Tuesday in New York he accused executives at Meteora, Solana’s DEX, of deploying a token that they knew full well would plummet.

The plaintiffs claim that the top brass at Meteora, from where MELANIA cryptocurrencies began trading, deliberately set up a plan for their partners to purchase a large amount of MELANIA cryptocurrencies at launch. These tokens were later sold for huge profits.

Traders who were left holding the bag not only prayed and hoped that prices would recover, but nine months later, they now know that the meme coin is unlikely to recover.

As of October 22, MELANIA is lagging behind some of the best crypto presalesfalling -99.3% from all-time highs. The meme coin slid to record lows on October 10 when it fell to $0.09202.

Curiously, Melania Trump is not in the crosshairs. Instead, the victims claim that Meteora executives “used her” to “disguise” their crimes.

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Who is to blame? Melania Meme Coin was a scam from the beginning

If this lawsuit is successful, more will be filed, including targeting the Trump meme coin.

Still, it remains to be seen how these victims will be compensated.

However, they would have been saved if they had done their due diligence before buying blind.

The launch of the Melania meme coin had many red flags that would have prevented savvy traders from diving in right away.

First, Melania Trump’s website associated with the meme coin was launched a day earlier, poor quality, even without Cloudflare protection. Combined with poorly coded front-end elements, it showed that the developers saw this meme coin as nothing more than a rushed scam, not a legitimate project.

Additionally, seconds after MELANIA was released, a group of wallets attacked and purchased over $2.5 million worth of MELANIA, allowing insiders to control the entire supply from the beginning. A large portion of the total supply was in the hands of insiders, contradicting public claims that MELANIA tokens were distributed fairly.

https://twitter.com/bubblemaps/status/1881094639765381586

Hours after the meme coin began trading, an address with over 100 million MELANIA tokens sold 89 million, making over $96 million in profits.

There are also questions about how quickly MELANIA prices rose and sold out. In any case, on-chain analysts believe that the explosive push was designed and that the sell-off that followed was well-orchestrated to keep the crowd happy while the insiders exited.

Interestingly, the address that initially funded the creator’s wallet was actively trading on Pump.fun.