Bubblemaps links single entity to Libra and Melania memecoins

Blockchain analysts at Bubblemaps claim to have uncovered connections between the teams responsible for the Libra and Melania memecoins, suggesting that the same entity may have orchestrated both projects.

The onchain data provider claimed wallets tied to the Melania creator were also involved in transactions with the Libra token, engaging in sniping and profit-taking from both tokens.

The Libra token suddenly emerged last Friday, receiving an immediate endorsement from Argentina’s President Javier Milei. This was followed by a dramatic price surge, where Libra rallied to billions and then collapsed in a matter of hours. This collapse was expedited when insiders cashed out $107 million in trading fees and liquidity pool funds.

The Melania meme token, endorsed by the first lady of the United States, experienced a similar trajectory in January, with its market capitalization swelling rapidly before tumbling down.

Bubblemaps alleged that the culprit behind the two projects appeared to be a single entity with control over both projects.

“There’s been speculation that MELANIA and LIBRA are tied to the same team, but without solid proof—until now," Bubblemaps said. "After analyzing cross-chain transfers and timing patterns, we’re highly confident this is the case.”

According to Bubblemaps, a critical piece of evidence in this investigation is the activity of a Solana wallet, “P5tb4." This wallet amassed over $2.4 million through sniper activities on the Melania token and later transferred these funds to an Avalanche-based EVM wallet, “0xcEA,” found to be directly linked to Melania’s creator. The link was made through funding transactions and cross-chain transfers.

Bubblemaps says weeks later it noticed that the 0xcEA address (via cross-chain swaps) had been funding DEfcyK, the main creator wallet of LIBRA, which is also tagged as a team wallet on Solscan. 

Further analysis by Bubblemaps allegedly found that other tokens, namely TRUST, KACY, VIBES, and HOOD, might also be managed by the same entity, showing a pattern of centralized control over multiple projects’ market actions.

Amid these revelations, President Milei has faced fraud charges related to his involvement with the Libra project after the token’s value plummeted by 95%. Milei has reportedly denied advance knowledge of the project’s inner workings.

As the investigation continues, Bubblemaps and other analysts are working to definitively identify the entity behind these operations. Bubblemaps noted that Youtuber and crypto sleuth CoffeeZilla is engaging with insiders like Libra project's advisor Hayden Davis to uncover further details.