Connections Unearthed Between Libra and Melania Meme Coins: A Deep Dive into On-Chain Data

Published: February 17, 2025, 1:15 AM EST | Updated: February 17, 2025, 6:22 AM EST

In a startling development from the world of cryptocurrency, blockchain analysts at Bubblemaps have established potential connections between the teams behind the controversial Libra and Melania memecoins. Their investigation raises questions about whether a single entity is orchestrating both projects, leading to a significant alert in the crypto community.

Unveiling Potential Ties

Bubblemaps, a noted on-chain data provider, disclosed that wallets associated with the creator of Melania were also involved in transactions related to the Libra token. These transactions were reportedly linked to activities including sniping and profit-taking from both tokens, indicating a level of coordination not previously substantiated.

The Libra token made headlines last Friday after it was endorsed by Argentina’s President Javier Milei, sparking an immediate surge in its price to billions before suffering a rapid collapse within hours. The abrupt downturn was compounded by insiders cashing out a staggering $107 million in trading fees and funds from liquidity pools.

Similarly, the Melania meme token, which received a high-profile endorsement from the First Lady of the United States in January, experienced a meteoric rise in market capitalization followed by a dramatic decline.

Bubblemaps’ Findings

Bubblemaps stated, “There’s been speculation that MELANIA and LIBRA are tied to the same team, but without solid proof—until now.” Their detailed analysis of cross-chain transfers and transaction timing patterns leads them to conclude that there is a strong likelihood that both projects share a common creator.

A key piece of evidence highlighted by the analysts is the activity associated with a Solana wallet identified as “P5tb4,” which accumulated over $2.4 million through sniping activities on the Melania token. This amount was subsequently transferred to an Avalanche-based wallet known as “0xcEA.” The latter wallet was found to be directly linked to the creator of Melania through a series of funding transactions and cross-chain transfers.

Further investigations revealed that the 0xcEA address had been responsible for funding “DEfcyK,” recognized as the principal creator wallet of the Libra token. This wallet, also labeled as a team wallet on Solscan, has painted a picture of coordinated financial maneuvers behind the scenes.

Moreover, Bubblemaps has identified other tokens—including TRUST, KACY, VIBES, and HOOD—that may also be under the influence of the same entity, indicating a pattern of centralized control over the market activities of multiple projects.

Consequences and Repercussions

The revelations regarding the Libra token have significant implications for President Milei, who faces fraud charges associated with his involvement in the project. Following the token’s dramatic 95% decline in value, Milei has denied any prior knowledge of the operations linked to the Libra project, making the allegations against him all the more contentious.

As the investigation progresses, Bubblemaps and other crypto analysts are diligently working to determine the true entity driving these connections. Notably, Youtuber and crypto investigator CoffeeZilla has engaged with key figures, including Libra project advisor Hayden Davis, to delve deeper into the underlying dynamics of these projects.

The Road Ahead

As the cryptocurrency landscape evolves, the scrutiny surrounding projects like Libra and Melania continues to intensify. With investigations underway and various analysts exploring the implications of their findings, stakeholders in the crypto market are urged to remain vigilant.

The situation underscores the necessity for transparency in the burgeoning world of digital assets, as questions of integrity and accountability loom over projects that can swiftly capture public attention and investment before crashing dramatically.

As this story develops, further insights from Bubblemaps and other sources may reveal more about the interconnected web of these meme tokens and the unseen forces driving them.