🔗 Share this article Melania Trump's Meme Coin Creators Facing Market Manipulation Fraud Legal Action The architects responsible for a cryptocurrency released by First Lady of the United States Melania Trump are now charged in court filings of orchestrating a market manipulation plot. Initial Launch and Price Surge The $MELANIA coins were issued for a minimal price each on January 19, the day before former President Trump was inaugurated. Alongside the $MELANIA coin, the former president introduced his personal token shortly prior to the presidential inauguration. Shortly after launch, the market value of the $MELANIA cryptocurrency surged to $13.73 per token. Rapid Decline in Value Yet, the price then collapsed just as rapidly, and is now less than 15 cents – under a fraction of its maximum worth. At the same time, the $TRUMP cryptocurrency hit a high of nearly forty-six dollars and currently exchanges for approximately five seventy-nine. Legal Allegations and Plaintiffs' Position The plaintiffs allege that the currency's developers planned the scheme knowing that the digital currency's value would crash. The First Lady herself is not included in the court case. Claimants clarified they do not consider she was culpable, but charged the digital currency firms of leveraging her and other familiar faces as a cover for their fraudulent schemes. Exchange Platform Involvement According to recently submitted legal documents, investors charge executives of the Meteora digital asset exchange, where the First Lady's token was initially traded, of establishing a plan that permitted them to indirectly purchase substantial volumes of the virtual coin. Their accomplices then quickly resold these virtual tokens, securing large returns while leading to the value to crash, per papers submitted in New York federal court. Wider Proceedings The charges concerning $MELANIA have been included in court cases regarding multiple additional digital currencies, which started in April. The Trump family has allegedly earned in excess of one billion dollars in pre-tax profits from several digital currency-linked products and companies over the previous twelve months.