Meme Coin

Trump’s Meme Coins Face Allegations of Pump-and-Dump

Published

10 months ago

January 21, 2025

DCS Team

Credit : coinedition.com

A dealer misplaced $7.08 million on his investments in TRUMP and MELANIA meme cash.
It’s suspected {that a} single insider pockets alone brought about a 50%-60% value crash in TRUMP.
Donald Trump and his staff have been accused of orchestrating a pump-and-dump scheme.

Donald Trump’s staff launched two meme cash, Official Trump (TRUMP) and Official Melania Meme (MELANIA), however noticed their costs plummet shortly after their debut.

The cash initially soared, with TRUMP and MELANIA reaching excessive valuations earlier than dropping 43.31% and 64% of their worth respectively inside 24 hours. Critics have accused Trump’s staff of operating a “pump-and-dump” scheme, utilizing investor funds as exit liquidity forward of Inauguration Day.

Associated: Robinhood Lists TRUMP Token: Here is What Occurred Subsequent

Whale suffers heavy losses on TRUMP and MELANIA tokens

Not all traders benefited from the launch of TRUMP and MELANIA. In line with on-chain analyst The Knowledge Nerd, a whale spent $9.5 million to accumulate 187.36K TRUMP tokens at a median value of $58.03.

TRUMP is now buying and selling at $32.92, inflicting a lack of $7.08 million for the whale, which nonetheless holds 193.7k TRUMP and 1.82 million MELANIA tokens. The worth of MELANIA fell from a median of $7.78 to $3.89, marking a 64% drop in 24 hours, CoinMarketCap knowledge confirmed.

Equally, on Monday, the whale purchased 1.348 million MELANIA tokens at a median value of $7.78. MELANIA is now buying and selling at $3.89, down 64% in 24 hours. On Tuesday, The Knowledge Nerd reported that the whale had misplaced $7.08 million however nonetheless held 1.82 million MELANIA and 193.7K TRUMP tokens.

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Pump-and-Dump Accusations Goal Trump Group

The precipitous rise and fall of TRUMP and MELANIA have led to accusations of a pump-and-dump system. Critics accused Trump’s staff of utilizing investor funds as exit liquidity for the initiatives forward of Inauguration Day.

Associated: Trump’s Inauguration Sees OBT Token Launch and KuCoin Itemizing

Blockchain analytics platform Bubblemaps revealed {that a} whale, seemingly an insider, brought about a 50% to 60% value drop. This whale reportedly purchased TRUMP tokens early and divided the belongings into ten wallets. After the launch of MELANIA, these wallets dumped their TRUMP tokens, sending the cryptocurrency right into a tailspin.

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