🔗 Share this article First Lady's Meme Coin Creators Hit with Market Manipulation Fraud Lawsuit The developers responsible for a cryptocurrency introduced by US First Lady Melania Trump are now alleged in legal documents of orchestrating a fraudulent operation. Coin Release and Price Surge The $MELANIA tokens were released for under a dollar each on January 19th, the day before former President Trump took office. In addition to the Melania cryptocurrency, Donald Trump released his own digital currency just ahead of the inauguration ceremony. Shortly after launch, the price of the $MELANIA token soared to $13.73 per coin. Rapid Decline in Price However, the price plummeted with similar speed, and is now approximately a dime – under one percent of its highest value. In parallel, the $TRUMP token achieved a maximum of $45.47 and presently sells for approximately five seventy-nine. Court Claims and Plaintiffs' Position The plaintiffs allege that the coin's creators organized the operation knowing that the digital currency's value would crash. Melania Trump personally is not mentioned in the legal action. The plaintiffs indicated they do not believe she was responsible, but accused the blockchain organizations of using her and other well-known personalities as a facade for their criminal operations. Exchange Platform Involvement According to recently submitted court papers, plaintiffs charge leaders of the Meteora trading platform, where $MELANIA was first exchanged, of creating a plan that allowed them to discreetly acquire substantial volumes of the digital token. Their accomplices then quickly resold these cryptocurrencies, pocketing substantial profits while leading to the value to crash, according to papers submitted in New York federal court. Broader Context The charges about the Melania token have been added to legal proceedings regarding various other cryptocurrencies, which started in the month of April. Trump-associated entities has reportedly secured more than $1 billion in pre-tax gains from multiple digital currency-linked products and companies over the last year.