Bubblemaps Identifies Meme Coin Link: Libra and Melania Tokens Launched by Same Entity

• Bubblemaps traces cross-chain transfers linking Libra and Melania token creators.
• Libra token’s $107M insider cash-out mirrors Melania’s rapid price collapse.
• Analysts uncover wallet funding patterns suggesting coordinated token launches.

Blockchain analytics firm Bubblemaps identified two significant issues regarding the association between Libra (LIBRA) and Melania (MELANIA) meme tokens. The analysts traced both launches to a single team according to blockchain data that tracks multiple wallets associated with the projects.

Suspicious Wallet Connections and Sniping Activity

Bubblemaps has identified evidence from Solana and Avalanche wallets that show collaboration between the teams behind the meme tokens. The wallet “0xcEA” on the Solana platform intercepted the Melania token launch during January to accumulate financial gains. 

Multiple cross-chain protocols received transferred funds from the wallet in a manner that decreased tracking efficiency. Notably, this wallet specifically funded Libra creation and continued its price manipulation strategies after which it generated $6 million in profits from the network’s launch on February 15.

The investigators determined that an individual or organization tied to Melania or its affiliated group played a part in the Libra token’s controversial market entry. Analytical findings present multiple financial movements that confirm systematic money transfers between these platform initiatives.

Token Collapse Controversy and Fraud Allegations

The Melania and Libra tokens experienced dramatic price surges and steep declines shortly after their launches. The Melania token saw its market cap briefly exceed $13 billion before dropping over 99%, while Libra experienced a similar fate, plummeting 94% after insiders reportedly cashed out $107 million in liquidity.

These events have sparked considerable criticism, with calls for Argentina’s President Javier Milei to face impeachment. Some claim that insider trading and manipulation played a significant role in these collapses, as funds were siphoned off through several wallets associated with the Libra project. Although President Milei publicly distanced himself from the project, the scandal continues to raise questions about the involvement of high-profile figures in speculative meme coin markets.

Ongoing Investigations and Future Implications

Blockchain investigators at Bubblemaps and other entities uncover the relationships that emerged between entities involved in creating meme tokens. According to experts, the same group behind the manipulation is believed to have tampered with two more tokens, Robinhood (HOOD) and Trust (TRUST). 

Throughout the ongoing investigation, the focus stays on discovering potential marketplace manipulation activities happening across meme coins. The KIP Protocol denies its participation in creating the Libra token, although it maintains a connection through the Libra token. The organization limits its functionality to market-making operations.