The creators of Libra (Libra) Token have launched another memo coin with several Onchain patterns on the same thing, pointing to important insider trading activities ahead of the 99% collapse of the coin.
Hayden Davis, co-creator of the official Melania Meme (Melania) and Libra Token, has launched a new Solana-based memo coin with an insider supply of over 80%.
Davis launched the Wolf (Wolf) Memocoin on March 8th, and launched his own token based on rumors about Jordan Belfort, known as the Wolf of Wall Street.
The token reached a market capitalization of $42 million. However, 82% of the supply of wolf tokens were bundled under the same entity, according to a March 15th post by Bubblemaps.
“The bubble map revealed something strange. $Wolf had the same pattern as $Hood. This is a token fired by Hayden Davis. Was he behind this too?”
sauce: Bubble map
The blockchain analytics platform has revealed transfers spanning 17 different addresses back to Davis’s “Oxceae” address.
“He provided funding for these wallets a few months before $libra and $wolf was launched, moving the money through 17 addresses and two chains,” Bubbmemps added.
sauce: Bubble map
Wolf Memecoin lost more than 99% of its value within two days, from its market capitalization at UTC at 4am on March 8th at $42.9 million to just $570,000 per publication time.
Wolf/Sol, market capitalization, 1 hour chart. sauce: Dex Screener
Davies’ latest token launch came weeks after Libra Token’s Collapse, with eight insider wallets cashing in liquidity of $107 million, resulting in a wipeout of $4 billion in market capitalization within hours.
Libra tokens became political issues, and Argentine President Javier Miley puts each ammo in danger after approving the Libra coin.
Argentinean lawyer Gregorio Dalbon asked for the publication of a red notice for Davis. Davis cited “procedural risks” as he has access to a huge amount of money that allows him to flee or hide from the United States.
Related: Milei-Endoresed Libra Token was “Open Secret” from Memecoin Circles – Jupiter
Memokine is becoming a “retail value extraction tool”
According to Anastasija Plotnikova, co-founder and CEO of blockchain regulator Fideum, Memecoins oppose Crypto’s fundamental spirit of decentralization, increasingly being used to exploit retail investors amid the rise in rug pull.
“Memokine evolved from a community-driven social experiment to a chaotic landscape dominated by value extraction from retail investors,” Plotnikova told Cointelegraph, adding:
“Insider Ring, Pump and Dump Scheme and Sniper Groups are replacing the organic, collectible nature of the original Memocoin, creating an unhealthy arena.”
Related: Trump, Doge and Bonk ETF approved “more likely” under new SEC leadership
Investors should also distinguish between authentic “collectibles” such as Ragpur, “there is a case law in case law to assist in enforcement,” and memocoin, which can be considered “completely fraudulent activities.”
“In my view, these activities should fall firmly within law enforcement jurisdiction,” she added.
US regulators are increasingly aware of the growing memokine scam.
New York lawmakers have introduced legislation establishing criminal penalties aimed at preventing cryptocurrency fraud and protecting investors from ragpur, Cointelegraph reported on March 6.
Under the proposal, new criminal charges will be created for crimes that include “virtual token fraud,” which explicitly targets deceptive practices related to cryptocurrency.
https://www.youtube.com/watch?v=TVMMJ6RR4SO
magazine: Caitlyn Jenner Memecoin ‘Mastermind’s’ Celebrity Price List Leaked
