The group of crypto traders reportedly purchased millions of dollars worth of Melania Trump memecoin just minutes before announcing its launch on social media.
According to a Financial Times report on May 6, Crypto Traders won roughly $100 million by purchasing $2.6 million worth of Melania Tokens before it was released on January 19th. The trader reportedly sold his holdings within 12 hours.
“In total, 24 accounts purchased 16.7 million total $Melania tokens of 200mn total for sale during the launch period,” Financial Times reported. “(…) The pre-sale sales have continued to run. A token worth about $900,000 purchased with an additional 22 accounts 42 seconds after release.”
Memecoin began trading about two days after then-presidential election Donald Trump announced the launch of his own Trump Coin. Both tokens claim conflicts of interest and corruption due to the potential for bribery and foreign influence, and are under scrutiny by lawmakers.
Memecoin dinner encourages the call of each bullet
Much of the scrutiny and criticism from US lawmakers appears to be directed at the president, not the first lady. One senator called for his blast each after Trump announced that some of the top top token holders would be offered the opportunity to access him on private dinners and tours.
Related: Rep. Dem opposes hearing, citing “Trump’s Code Corruption.”‘
Prices for Melania and Trump tokens fell sharply from the moment they released in January, with First Lady’s Memo Coin falling to $0.31 at the time of publication. The price of the Trump token rose temporarily following the announcement of the Memecoin dinner in April, but fell to $10.90 as of May 6th.
The two companies connected to the president control about 80% of Trump’s supply, but many of the tokens are locked and will be released over the next three years. Critics suggest that insiders in the project can still hit investors.
magazine: Trump’s crypto ventures cause conflicts of interest, insider trading questions
