Newton Gitonga
Cryptocurrencies maintained a bearish stance today, as Bitcoin hinted at further dips below $100K psychological level.
Amidst the prevailing broader uncertainty, this article explores altcoins dominating trends in the politics-tied digital tokens space, specifically MELANIA, LIBRA, and Pepe Trump (PTRUMP).
Let us discover more.
Lawsuit exposes MELANIA and LIBRA’s misconduct
A class-action lawsuit stirred cryptocurrency markets today.
It accuses Meteora founder Benjamin Chow of orchestrating the LIBRA and MELANIA scams using Argentine President Milei and First Lady Melania Trump as advertisers.
🚨NEW: A new class-action lawsuit has been filed in the U.S. accusing @MeteoraAG founder @hellochow of running the “MELANIA” and “LIBRA” meme coin scams using Melania Trump and President Milei as promotional fronts. The suit claims Chow coordinated at least 15 pump-and-dump
The allegations surfaced from the recent filings in a fraud and racketeering case highlighting multiple defendants, including Chow, Metora, and Kelsier Ventures.
While the complaint mentioned five tokens, MELANIA and LIBRA were in the limelight due to their dramatic performance that saw investors suffering immense losses early this year.
The case has also highlighted the $57.6 million frozen assets during the investigations.
A US judge unfroze the funds as authorities traced the stolen tokens.
Notably, MELANIA skyrocketed in January after the First Lady endorsed it.
The meme token gained traction as it debuted two days after President Trump released his official token.
MELANIA surged past $13 before continuous declines.
It has lost over 99% of its value to $0.093 at the time of this publication.
The meme crypto has failed to recover as insider trading allegations destroyed its appeal.
Also, Argentine President Javier Milei promoted LIBRA as the altcoin for financial freedom in the nation.
It also soared before wiping out over $4.4 billion within hours as the team pulled a rug pull.
Despite their involvement, the new suit does not directly implicate Melania Trump and Milei.
The lawsuit emphasizes that the real perpetrators used the political figures as “window dressing.”
The filing indicated:
At all relevant times, the fraudulent token launches at issue were executed by a single, centrally-directed enterprise, led by Chow, with defined roles and a unified command structure.
LIBRA is trading at $0.0001595, maintaining bearish performance in all its timeframes.
LIBRA and MELANI’s scandals highlight the risky nature of crypto investment, where masterminds leverage prominent figures to facilitate pump-and-dump schemes.
Pepe Trump soars 35%
While MELANIA and LIBRA battled negative fundamentals, Pepe Trump (PTRUMP) dominated price charts.
PTRUMP is trading at $0.0009595 after gaining roughly 35% the previous 24 hours.
Notably, Pepe Trump is just a parody token with no connection to the United States President.
While it exhibits a bullish stance, Pepe Trump’s rally doesn’t seem organic.
Thus, it might experience heightened volatility in the coming sessions.
Furthermore, PTRUM will hardly decouple for long as bears control the overall cryptocurrency market.
Coingecko data shows that the value of the top PolitiFi coins declined by 1% the previous 24 hours to $1.3 billion.
Moreover, the daily trading volume slumped to $297 million, signaling faded enthusiasm.
PolitiFi cryptos’ performance mirrors the broader market, which remains indecisive.
Analysts expect upcoming macroeconomic data (CPI) and the Federal meeting to set the tone for the market throughout Q4.
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