this post was submitted on 12 May 2025
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37
The mystery of $MELANIA (www.ft.com)
submitted 3 weeks ago by [email protected] to c/[email protected]
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[–] [email protected] 26 points 3 weeks ago (2 children)

We identified 24 wallets that bought $MELANIA in the minutes before the existence of the coin and its backing from the first lady was publicised (via Melania’s Truth Social account, naturally). These people — who knew where to get the coins and were apparently confident it was not one of the hundreds of unofficial Trump family coins — bought $2.6mn of the tokens and flipped them within days for about $100mn. As many FT readers clocked, this is not exactly how a normal float should work. Memecoins are an arena with all the accoutrements and vocabulary of finance but lacking even the level of regulation that governs the sale of Beanie Babies. 

[–] [email protected] 8 points 3 weeks ago (1 children)

It’s okay, we’ll just get rid of the regulations on everything else so this one fits the norm.

[–] [email protected] 1 points 3 weeks ago

Holy shit.