Blockchain analysts at Bubblemaps have presented strong evidence suggesting that the team behind the LIBRA (LIBRA) memecoin is the same group responsible for launching Melania (MELANIA).
In a post on X dated Feb. 17, Bubblemaps claimed that new on-chain data indicates that the individuals who introduced LIBRA—or someone closely associated with them—were likely behind the Melania token as well. The analysts also allege that these insiders strategically manipulated both launches to their advantage.
The controversial release of LIBRA has already triggered political turmoil, with Argentine President Javier Milei facing impeachment calls after the token’s $107 million collapse.
Bubblemaps identified a Solana wallet address, labeled “0xcEA,” as the entity that sniped the Melania token’s launch on Jan. 19, securing $2.4 million in profits. The funds were then swiftly transferred to another wallet on Avalanche.
What makes this link significant is the trail connecting these wallets—multiple cross-chain transactions, obscure routing through Solana wallets, and distinct funding paths—all seemingly designed to mask the transaction history.
“This suggests that the creator of Melania, or someone closely tied to them, executed their own launch sniping,” Bubblemaps stated.
Weeks later, the analytics firm observed that the same wallet, 0xcEA, was used to fund the address responsible for deploying the LIBRA token.
When LIBRA launched on Feb. 15, the same wallet again engaged in sniping tactics, accumulating $6 million in profit. These transactions were carried out through multiple addresses funded via cross-chain transfers from wallets on Arbitrum and Avalanche.
By analyzing the identical patterns in sniping behavior and funding movements, Bubblemaps concluded that the same team was likely behind both the LIBRA and MELANIA tokens.
Moreover, the analysts noted that the 0xcEA wallet has also been implicated in several other high-profile “pump-and-dump” schemes, including a fraudulent Robinhood (HOOD) token. This fake asset once soared to a $120 million market cap before crashing to just $12.5 million.
LIBRA and MELANIA Tokens Crashed Within Hours
The LIBRA token gained immediate endorsement from President Milei upon its launch. However, within hours, the situation spiraled into disaster as insiders allegedly liquidated over $107 million, causing the token to plummet by nearly 94% in less than four hours.
According to blockchain intelligence firm Lookonchain, at least eight wallets associated with the LIBRA team siphoned liquidity from the project, pocketing $57.6 million in USDC and 249,671 Solana, worth $49.7 million at the time.
The Melania token suffered a similar fate. Launched on Jan. 19, MELANIA initially surged to a valuation exceeding $13 billion within four hours. However, it has since collapsed by 99%, dropping to $189 million at the latest estimate.
These findings further highlight the growing concerns over the rapid rise and fall of speculative memecoins and the potential market manipulation behind their launches.
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