Melania Trump's $Melania Coin Bought by 24 Digital Wallets for $2.6M Ahead of Launch

According to a report from The Financial Times, two dozen digital wallets bought a combined $2.6 million of coin on January 19.

A recent report by The Financial Times sheds light on a significant cryptocurrency trading activity that occurred on January 19, when two dozen digital wallets collectively bought $2.6 million of coin.

Only 2.5 minutes later, Melania announced the launch of her $Melania coin on social media, which initially led to a surge in the coin's value. However, what happened next surprised many.

As reported by the outlet, many of the top traders rapidly began selling off their shares of the coin. And within 12 hours, 81% of the coins purchased on launch were sold, with traders collectively making a profit of $99.6 million.

Such "suspicious" activity has led some to draw parallels to insider trading and manipulation of the market. But with crypto still lacking any regulation or oversight, it is unlikely that the anonymous traders will face any punishment.

Melania's memecoin, which is only a speculative crypto token, was launched two days after her husband, Donald Trump, launched his own, and hours before his inauguration for his second presidential term.

It is also worth noting that there were no instances of pre-launch purchases upon the launch of President Trump's coin.

The president has faced criticism over the coin, with some arguing that he is unlawfully profiting off his position. However, President Trump has repeatedly shot down the argument.