Melania Trump's "Meme Coin" Got Dumped by Early Investors, Making Them Millions

Shortly before U.S. President Donald Trump's wife, Melania, unveiled a "meme coin" named after her to the public earlier this year, a small number of investors bought the coin in advance and made huge profits, according to reports.

A new report by the Financial Times claims that a small number of investors made huge profits from buying a "meme coin" named after U.S. President Donald Trump's wife, Melania, in advance of its launch earlier this year.

According to the report, Melania announced the release of Melania Coin through social media platform Truth Social on the evening of January 19, the eve of President Trump's inauguration.

However, the report adds that some investors were able to buy large amounts of the coin about two minutes before Melania posted about it on Truth Social.

The FT says that its own analysis of the cryptocurrency market where Melania coins were deposited has identified about 20 digital wallets that purchased a total of $2.6 million in the coin.

As Melania announced the release of the meme coin and the price of the coin surged, the wallet owners immediately sold and realised profits.

The FT reports that these wallets quickly sold off most of the Melania coins they had and that 81% of these transactions were completed within 12 hours.

The report estimates that they made a total of $99.6 million from this method.

Another account that bought Melania coins early did so to the tune of $40,000, 141 seconds before the official announcement. This account is said to have sold out of his coins within two hours, making a profit of $2.5 million.

The FT claims that this account appears to be linked to a venture involving Hayden Davis, a cryptocurrency entrepreneur who was involved in the release of Melania Coin.

Melania did not immediately respond to requests for comment on these reports, the FT adds.