🔗 Share this article Melania Trump's Meme Coin Creators Hit with Market Manipulation Fraud Legal Action The designers behind a digital token launched by First Lady of the United States Melania Trump are now charged in court filings of orchestrating a market manipulation plot. Initial Launch and Value Spike The $MELANIA coins were issued for under a dollar each on January 19th, one day preceding former President Trump assumed the presidency. In addition to the Melania cryptocurrency, Donald Trump introduced his personal token a few hours before the inauguration ceremony. Shortly after launch, the market value of the $MELANIA token skyrocketed to nearly $14 per token. Rapid Decline in Value However, the value subsequently crashed just as rapidly, and currently stands at approximately a dime – below 1% of its highest value. At the same time, the $TRUMP cryptocurrency achieved a maximum of over forty-five dollars and presently sells for under six dollars. Court Claims and Plaintiffs' Position The plaintiffs claim that the currency's developers planned the operation conscious that the digital currency's value would crash. Mrs. Trump herself is not included in the lawsuit. Investors clarified they do not consider she was responsible, but accused the crypto companies of using her and other well-known personalities as window dressing for their illegal activities. Trading Venue Role In newly filed federal filings, plaintiffs charge executives of the Meteora digital asset exchange, where $MELANIA was initially traded, of establishing a operation that enabled them to discreetly acquire substantial volumes of the virtual coin. Their partners then rapidly offloaded these virtual tokens, pocketing substantial profits while leading to the value to crash, per papers submitted in Manhattan federal court. Broader Context The claims about the Melania token have been incorporated into judicial actions regarding several other digital currencies, which started in April. The Trump family has allegedly secured over one billion dollars in pre-tax profits from multiple cryptocurrency-related ventures and firms over the last year.