According to reports, an identified Solana wallet address, known as “0xcEA,” was actively involved in sniping activities during the MELANIA token launch. The wallet reportedly amassed around $2.4 million in profits before transferring the funds to another wallet on the Avalanche network. Subsequently, the same wallet was discovered to be involved in the launch and promotion of LIBRA, executing similar insider trades and generating an estimated $6 million in profits.
The findings suggest that a single entity or closely connected individuals may have orchestrated both projects. This group has also been linked to other dubious “pump and dump” schemes, including a fraudulent Robinhood (HOOD) token that saw a rapid surge in market capitalization before collapsing, leaving investors with significant losses.
Further reports indicate that the market-making activities for LIBRA were managed by an entity based in Delhi, which was also involved in MELANIA’s market operations. Blockchain data confirms that the same wallets were used in both projects, reinforcing suspicions of coordinated insider activity. This pattern has raised concerns over a growing trend in meme coin scams, where developers execute rapid pre-launch accumulation, artificial price inflation, and subsequent mass sell-offs at the expense of retail investors.
The LIBRA token experienced a brief period of popularity before crashing, a trajectory that mirrored the MELANIA token’s market behavior. These revelations have fueled debates over the lack of regulatory oversight in the cryptocurrency industry, particularly within the rapidly growing meme coin sector, where speculative trading is rampant.