Blockchain analytics firm Bubblemaps has identified on-chain connections between the teams behind the Libra and Melania meme coins, suggesting that a single entity may be orchestrating both projects. The findings, based on cross-chain transfers and transaction patterns, point to potential centralized control over the two tokens, which have experienced similar rapid price surges and collapses.
The Libra token, which gained sudden attention last Friday after Argentina’s President Javier Milei endorsed it, saw its value skyrocket before plummeting within hours. Insiders reportedly cashed out $107 million in trading fees and liquidity pool funds, accelerating the token’s collapse.
Similarly, the Melania meme token, endorsed by the U.S. First Lady, underwent a comparable trajectory in January, with its market capitalization surging before sharply declining.
Bubblemaps claims that a Solana wallet, “P5tb4,” played a key role in the investigation.
The wallet allegedly accumulated over $2.4 million through sniper activities on the Melania token before transferring funds to an Avalanche-based EVM wallet, “0xcEA.” This wallet was linked to Melania’s creator through funding transactions and cross-chain transfers. Weeks later, the 0xcEA address was found funding “DEfcyK,” the primary creator wallet for the Libra token, which is also tagged as a team wallet on Solscan.
Further analysis by Bubblemaps suggests that other tokens, including TRUST, KACY, VIBES, and HOOD, may also be managed by the same entity, indicating a pattern of centralized control over multiple projects’ market actions.
Amid these revelations, President Milei faces fraud allegations related to his involvement with the Libra project following the token’s 95% value drop. Milei has denied prior knowledge of the project’s inner workings.
Meanwhile, Bubblemaps and other analysts, including crypto investigator CoffeeZilla, are working to identify definitively the entity behind these operations. The investigation remains ongoing.
