A Notorious Memecoin Creator Continues to Dump Coins Despite 95% Drop

A memecoin creator known for his involvement in controversial projects is still offloading his coins even after a significant 95% drop in value.

On-chain Activity Revealed

New data from the blockchain tracking firm Bubblemaps has unveiled the on-chain activity of Hayden Davis. Davis has been linked to projects like Libra (LIBRA) and Melania Meme (MELANIA), both of which have faced their fair share of challenges.

MELANIA, a coin inspired by Melania Trump, experienced a sharp decline immediately after its launch in January, plummeting by 95.3%.

Bubblemaps reports, “Hayden Davis is STILL selling MELANIA. He recently sent $1 million to exchanges and extracted over $2 million from the liquidity pools. For weeks, his MELANIA wallets were inactive – until now. In total, Hayden sent $1,065,153 worth of MELANIA to centralized exchanges and extracted $2,050,666 from the liquidity pool over the last 14 days. And many wallets haven’t sold yet. Why act now? Hayden may have seen the recent drop in attention as a window to quietly move funds while fewer people were watching. We’ll keep monitoring for further activity.”

Currently, MELANIA is trading at $0.615 per coin.

Legal Troubles Looming

Argentinian authorities are reportedly seeking Hayden Davis’s arrest through Interpol for his involvement in LIBRA. Prosecutor Gregorio Dalbón states, “I’m here to request the immediate detention of Hayden Mark Davis, a citizen of the United States, who is accused of being one of the principal actors behind the launch of the cryptocurrency LIBRA. The possibility that Davis will abandon his country of residence or hide to avoid answering for his alleged acts appears to be aggravated by the economic resources he possesses, which he can use to move or remain in hiding, hindering our investigation.”

President Milei, who initially supported LIBRA, quickly distanced himself from the project, claiming he was misled. In a statement, he said, “I was not aware of the details of the project and after having become aware of it I decided not to continue spreading the word (that is why I deleted the tweet). To the filthy rats of the political caste who want to take advantage of this situation to do harm, I want to say that every day they confirm how vile politicians are, and they increase our conviction to kick them in the a**.”

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