$LIBRA & $MELANIA controlled by the same entity, Bubblemaps reports

Libra and Melania meme coins are in the spotlight for another solid reason: Blockchain analytics firm Bubblemaps has found that both tokens may be controlled by the same entity, raising serious concerns about manipulation and insider trading. What looked like two separate hype-driven projects may have been carefully engineered to create an illusion of organic demand before an inevitable crash.

Libra, a rug pull scandal linked to political figures, and Melania, seemingly inspired by the former First Lady, skyrocketed before something that reminds the chart of a regular rug pull. Bubblemaps’ research suggests that a single player might have been behind the scenes, controlling large portions of both coins to pump up prices before cashing out.

If true, this must raise concerns about reinforcing the crypto regulations. When one entity holds most of a token’s supply, it can easily inflate demand, lure in buyers, and dump everything at a profit thus leaving everyday investors holding the bag.