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

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.

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.