Financial Times Report: Traders Profit $99.6 Million from Melania Trump Memecoin
A Financial Times report has revealed that a small group of traders profited approximately $99.6 million by purchasing the Melania Trump memecoin, MELANIA, just minutes before its public announcement on January 19. In the two and a half minutes leading up to the launch, around two dozen digital wallets acquired $2.6 million worth of tokens, which surged in value following Melania Trump’s social media post. The traders quickly sold off most of their holdings, with 81% of sales occurring within 12 hours. The MELANIA coin was launched shortly after Donald Trump introduced his own TRUMP token. The FT analysis raises concerns about a lack of regulatory oversight, as these celebrity or political memecoins are not classified as securities under U.S. financial regulations.