Blockchain Analysts Uncover Potential Connection Between Libra and Melania Memecoins

Blockchain Analysts Reveal Potential Connection Between Libra and Melania Tokens

Blockchain analysts at Bubblemaps have uncovered evidence suggesting a common entity may be behind the Libra and Melania memecoin projects. Their investigation revealed wallet activities linking the creator of the Melania token to transactions involving the Libra token, including sniping and profit-taking from both projects.

Price Volatility and Insider Activity

The Libra token gained attention after a sudden launch and endorsement from Argentina’s President Javier Milei, leading to a rapid price surge followed by a dramatic collapse. Insiders withdrew $107 million in trading fees and liquidity pool funds, accelerating the price drop. Similarly, the Melania memecoin, endorsed by the former U.S. First Lady, saw its market value skyrocket before plummeting in January.

Financial Trail and Cross-Chain Transfers

Bubblemaps identified a Solana wallet, "P5tb4," which accumulated over $2.4 million from Melania-related activities. These funds were transferred to an Avalanche-based EVM wallet, "0xcEA," linked to the creator of Melania. The same wallet was later connected to "DEfcyK," the main creator wallet for the Libra token, raising suspicions about a shared entity controlling both projects.

Broader Implications and Ongoing Investigation

The investigation suggests that other tokens, such as TRUST, KACY, VIBES, and HOOD, may also be linked to the same entity. Following the collapse of the Libra token, President Milei faces fraud charges, which he denies. Bubblemaps is working with analysts and Youtuber CoffeeZilla to uncover more details about the entity behind these cryptocurrency projects.

The unfolding investigation highlights the importance of transparency and accountability in the cryptocurrency market. As more information emerges, investors and regulators are closely monitoring the situation.