A recent report from the Financial Times has shed light on a group of traders who made a significant profit by purchasing Melania Trump’s $MELANIA meme coin just before the First Lady’s Truth Social post on January 19. According to the report, 24 wallets bought $2.6 million worth of $MELANIA just two and a half minutes before the announcement, resulting in earnings of nearly $100 million.
Most of the profits from the meme coin were reportedly exchanged for USDC, but the identities of the traders behind the wallets remain unknown. The launch of $MELANIA and President Donald Trump’s $TRUMP coin shortly before his inauguration has raised concerns among political opponents and the cryptocurrency community regarding potential conflicts of interest.
President Trump’s upcoming dinner for the top 220 $TRUMP investors at the Trump National Golf Club in Washington, D.C. has drawn scrutiny from lawmakers. Senators Elizabeth Warren and Adam Schiff have called for an investigation into Trump’s crypto venture, raising questions about potential ethical violations.
In response to these concerns, Senator Richard Blumenthal announced that the U.S. Senate Permanent Subcommittee on Investigations would launch a preliminary inquiry into Trump’s ties to the crypto industry. Blumenthal expressed concerns about potential pay-to-play schemes and the use of the White House to promote the $TRUMP coin.
The investigation into Trump’s involvement in the cryptocurrency market is ongoing, as lawmakers seek to ensure transparency and ethical conduct in the highest levels of government. The $MELANIA Lightning Buy that resulted in a $100 million profit for traders has sparked further debate about the intersection of politics and cryptocurrency.