Blockchain Firm Links Libra and Melania Meme Coins to Potential Centralized Control
Cross-chain analysis by Bubblemaps has uncovered potential connections between the teams behind the Libra and Melania meme coins. Findings suggest a single entity may be orchestrating both projects, indicating centralized control over their price surges and collapses.
The Libra token, endorsed by Argentina's President Javier Milei, experienced a rapid rise and subsequent plummet after insiders allegedly cashed out $107 million. Similarly, the Melania meme token underwent a comparable trajectory in January.
Bubblemaps identified a Solana wallet, "P5tb4," as central to the investigation. It reportedly accumulated funds through sniper activities on Melania before transferring them to an Avalanche-based EVM wallet, "0xcEA," linked to Melania's creator. Weeks later, "0xcEA" funded "DEfcyK," the creator wallet for Libra.
Bubblemaps further suggests that other tokens, including TRUST, KACY, VIBES, and HOOD, may also be managed by the same entity, raising concerns over centralized control.
President Milei faces fraud allegations related to his involvement with Libra, which has dropped 95% in value. Meanwhile, Bubblemaps and other analysts continue to investigate the entity behind these operations.