MELANIA memecoin whale nets $36.5M profit amid ‘rug pull’ concerns
2025.01.20 09:03
One crypto trader invested $800,000 into Melania Trump’s official memecoin, dubbed Official Melania Meme (MELANIA), and generated over 1,950% in profits, according to data resource Lookonchain.
MELANIA’s 25,600% price surge mints millionaires
The Solana user, identified by the address 4zo6…zHF2, bought 800,000 USD Coin (USDC) on Jan. 20 and turned those holdings into 16.45 million USDC, amounting to nearly 2000% in gains within just 12 hours.
Transaction records of the Solana user 4zo6…zHF2. Source: SolScan.io
Meanwhile, another Solana user turned $560,000 worth of USDC into $11.5 million after investing in the MELANIA memecoin. Reports also surfaced about a trader generating $47.50 million in profit.
These gains appear alongside MELANIA’s 25,600% rise less than twelve hours after its debut across multiple crypto exchanges.
MELANIA/USD hourly price chart. Source: TradingView
Announced by Melania Trump’s verified account on X, the token has already attracted about 500,000 holders, according to DEX Screener, and has become the 10th most traded cryptocurrency by volume.
MELANIA’s rise appears ahead of Trump’s inauguration event on Jan. 20 and follows the launch of the incoming US president’s official memecoin called Official TRUMP ($TRUMP).
Launched hours before MELANIA, TRUMP has burst into the top 20 cryptocurrencies by market cap overnight with a fully diluted value of around $50 billion.
TRUMP/USD hourly price chart. Source: CoinMarketCap
Is MELANIA a “rug pull”?
Following the MELANIA memecoin launch, some analysts have raised concerns about its token distribution, website security, and team organization.
Blockchain analytics platform Bubblemaps revealed that nearly 90% of MELANIA’s token supply is held in a single wallet, contradicting the project’s claims of fairly distributed allocation.
Source: Bubblemaps
The website, created just a day before the launch, has also been criticized for lacking cybersecurity protection and featuring poorly developed code, which crypto developer “cigar” called “half-assed.”
Related: Trump ushering in new ‘era of memecoins,’ analysts call for altseason
Coinbase executive Conor Grogan suggested that MELANIA was likely handled by a “less organized team” compared to Donald Trump’s TRUMP token, likening it to a project run by “college kids.”
My guess is that this token was handled by a different team than TRUMP’s. That one looks like professional market makers, this one honestly looks like a college kids pic.twitter.com/UR9Cbm0Ncw
— Conor (@jconorgrogan) January 19, 2025
Further skepticism arose from the creator wallet’s funding, linked to pump.fun, a Solana memecoin launchpad known for speculative ventures. While Grogan dismissed the likelihood of a “rug pull,” doubts over the project’s transparency and professionalism persist.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
