Group of Traders Made $100M on Melania Memecoin Before It Went Public [View all]
Source: Daily Beast
A small group of crypto traders made nearly $100 million by buying Melania Trump’s memecoin minutes before it went public, research by the FT has shown.
The first lady’s $MELANIA coin was unveiled on Jan. 19, the day before her husband was sworn in as president. It followed a similar move by Trump himself, who launched his own $TRUMP coin several days prior.
But analysis shows that in the two and a half minutes between the currency going live and Melania officially unveiling it to the public on Truth Social, two dozen digital wallets purchased tokens worth $2.6 million.
Following Melania’s announcement the price of the coins surged rapidly by over 5000 percent and most of the wallets that had purchased the cryptocurrency immediately sold off their holdings, with around 81 percent of traders selling the coin within 12 hours for massive profit.
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Read more: https://www.thedailybeast.com/group-of-traders-made-100m-on-melania-memecoin-before-it-went-public/
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