Blockchain analytics firm Bubblemaps has uncovered significant on-chain links between the teams behind the Libra and Melania meme coins. The data suggests that a single entity may be responsible for orchestrating both projects. This discovery stems from examining cross-chain transfers and transaction patterns, which indicate the possibility of centralized control over the two tokens. Both coins have been subject to rapid price surges followed by sharp declines, raising suspicions about their management.
The Libra token recently gained attention after receiving an endorsement from Argentina’s President Javier Milei. This led to an immediate surge in its value, only to see it collapse just hours later. Reports suggest that insiders capitalized on the surge by liquidating $107 million in trading fees and liquidity pool funds, which contributed to the token’s sudden downfall.
A similar trajectory was observed with the Melania meme token in January. After receiving an endorsement from the U.S. First Lady, the token’s market capitalization experienced a sharp rise before undergoing a swift decline. The pattern of rapid gains followed by significant losses in both tokens has drawn the attention of analysts, prompting further scrutiny.
Bubblemaps identified a specific Solana wallet, referred to as “P5tb4,” as a central figure in the investigation. According to their findings, this wallet accumulated over $2.4 million through sniper activities targeting the Melania token. These funds were later transferred to an Avalanche-based EVM wallet, “0xcEA.” The “0xcEA” address was found to be connected to Melania’s creator through both funding transactions and cross-chain transfers. Further investigation revealed that weeks later, the 0xcEA address was involved in transferring funds to “DEfcyK,” the main wallet linked to the Libra token. This wallet, according to data from Solscan, is also categorized as a team wallet for the Libra project.
Bubblemaps’ analysis has extended to other tokens, including TRUST, KACY, VIBES, and HOOD, suggesting that they may also be managed by the same entity. This indicates a pattern of centralized control over various projects, raising concerns about the authenticity and transparency of these meme coins’ market actions.
In light of these revelations, President Milei has faced allegations of fraud related to his involvement with the Libra project. The allegations stem from the token’s drastic 95% value drop, which has sparked intense scrutiny. However, Milei has denied any prior knowledge of the inner workings of the Libra project, distancing himself from any allegations of fraud.
The investigation remains ongoing, with Bubblemaps and other analysts, including prominent crypto investigator CoffeeZilla, working together to pinpoint the entity behind these operations. While the details of the investigation continue to unfold, the connection between the teams behind the Libra and Melania tokens raises important questions about centralized control and the potential for market manipulation within the cryptocurrency space.
