🔗 Share this article First Lady's Meme Coin Architects Facing Market Manipulation Scam Legal Action The designers behind a virtual coin launched by US First Lady Melania Trump have been charged in federal papers of executing a market manipulation plot. Coin Release and Price Surge The $MELANIA coins were released for just a few cents each on January 19th, just prior to Donald Trump took office. In addition to the Melania cryptocurrency, the former president released his own digital currency just ahead of the inauguration ceremony. Shortly after launch, the value of the $MELANIA coin surged to $13.73 per unit. Rapid Decline in Value Yet, the market price subsequently crashed almost as quickly, and currently stands at approximately a dime – under a fraction of its highest value. In parallel, the $TRUMP cryptocurrency reached a peak of nearly forty-six dollars and now trades for under six dollars. Legal Allegations and Plaintiffs' Position The investors claim that the coin's creators planned the maneuver conscious that the token's worth would plummet. Melania Trump herself is not named in the legal action. Investors stated they do not believe she was responsible, but charged the digital currency firms of leveraging her and other familiar faces as a cover for their illegal activities. Trading Venue Role According to recently submitted legal documents, plaintiffs accuse executives of the Meteora digital asset exchange, where $MELANIA was originally listed, of creating a plan that allowed them to indirectly purchase substantial volumes of the cryptocurrency. Their accomplices then quickly resold these cryptocurrencies, pocketing substantial profits while leading to the price to plummet, as stated in records entered in federal court in Manhattan. Broader Context The claims about the Melania token have been added to legal proceedings involving various other virtual tokens, which commenced in the month of April. Trump-associated entities has according to reports earned over one billion dollars in pre-tax earnings from several blockchain-associated enterprises and organizations over the previous twelve months.