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Crypto Traders Net $99.6 Million on MELANIA Token in Suspected Insider Trading
Crypto Traders Net $99.6 Million on MELANIA Token in Suspected Insider Trading
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A group of 24 wallets reportedly capitalized on the MELANIA memecoin, generating $99.6 million in profits within a 12-hour window. The Financial Times investigation reveals these traders purchased $2.6 million worth of MELANIA tokens minutes before its official announcement on X (formerly Twitter). One wallet alone secured $2.5 million by offloading 86% of its holdings two hours later.
The incident underscores rampant speculation and regulatory gaps in cryptocurrency markets. Unlike traditional finance, crypto lacks mechanisms to prevent or penalize insider trading, leaving such windfalls unchecked. MELANIA’s volatility mirrors broader memecoin trends, where price action often hinges on coordinated timing rather than fundamentals.
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