Libra Token Creators Linked to Melania Memecoin and Other Short-Lived "Pump and Dump" Schemes: Bubblemaps

Crypto data firm Bubblemaps has uncovered evidence suggesting that the same team behind the launch of the controversial Libra (LIBRA) token is also responsible for the Melania (MELANIA) memecoin and several other high-profile "pump and dump" schemes. In a recent post, Bubblemaps analysts expressed their "high confidence" in the findings, citing on-chain data that links the two token launches.
The Connection Between Melania and Libra Tokens
Bubblemaps analysts traced the launch activity of both the LIBRA and MELANIA tokens to a specific Solana wallet address, known as "0xcEA." This wallet was identified as the entity responsible for “sniping” the Melania token’s launch on January 19, 2024, and making a significant profit. According to Bubblemaps, the wallet earned $2.4 million in profits from the Melania launch, which was then quickly transferred to another wallet on Avalanche, obscuring the transaction history.
Bubblemaps further noted that the same wallet address, "0xcEA," was involved in the creation of the LIBRA token. After the February 15 launch of LIBRA, the same wallet sniped the token, netting a substantial $6 million in profits in just hours. This was achieved using multiple cross-chain transfers and side addresses, a strategy aimed at masking the trail of funds.
Sniping Activity and Pump and Dump Patterns
The analysts highlighted several distinct patterns linking the two launches. The 0xcEA wallet was not only involved in both the Melania and Libra launches but also appeared in connection with a series of other high-risk token projects that saw massive price fluctuations. One such project was the fake Robinhood (HOOD) token, which briefly surged to a market capitalization of $120 million before plummeting to just $12.5 million. These activities align with typical "pump and dump" strategies, where the creators inflate a token’s value temporarily, only to sell off their holdings and profit before the value collapses.
According to Bubblemaps, these similarities in wallet behavior, transaction patterns, and the use of cross-chain transfers between Solana, Avalanche, and Arbitrum wallets strongly suggest that the same team, or a closely associated group, launched both the Melania and Libra tokens.
The Fall of LIBRA and MELANIA Tokens
Both the LIBRA and MELANIA tokens experienced rapid and catastrophic collapses shortly after their launches, sparking concerns of potential manipulation. The LIBRA token, which was endorsed by Argentine President Javier Milei, briefly surged in value before crashing by over 94% within hours. Blockchain intelligence firm Lookonchain reported that at least eight wallets linked to the LIBRA launch team quickly siphoned off $57.6 million USD Coin and 249,671 Solana, totaling $107 million in profits.
Similarly, the MELANIA token hit a peak market cap of over $13 billion within hours of its launch but soon plummeted by 99%, leaving the token worth just $189 million at the time of writing.
Legal Repercussions and Political Fallout
The controversial launch of the LIBRA token, which saw millions of dollars evaporate almost overnight, has already led to serious political ramifications. Argentine President Javier Milei, who publicly endorsed the token, is facing calls for impeachment. Critics accuse him of being complicit in promoting a project that allegedly turned out to be a financial disaster for investors.
Conclusion
Bubblemaps' findings paint a troubling picture of the ongoing volatility in crypto space, highlighting the risks associated with meme tokens and unregulated projects. The apparent connections between the creators of Melania and Libra tokens—along with their involvement in other “pump and dump” schemes—underscore the need for greater scrutiny of cryptocurrency projects, particularly those endorsed by prominent figures. As the regulatory landscape for crypto evolves, it remains to be seen whether these activities will lead to legal action or further political fallout.
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