Bubblemaps Uncovers Link Between Libra and Melania Memecoins, Suggesting Single Entity Control

Blockchain analytics firm Bubblemaps has unveiled evidence suggesting that the Libra and Melania memecoins were orchestrated by the same entity, based on an analysis of on-chain transactions.

On-Chain Evidence Connects Projects

According to Bubblemaps, wallets tied to the Melania token were also involved in Libra token transactions, participating in both sniping and profit-taking activities.

• Libra Token: Launched last Friday and endorsed by Argentina’s President Javier Milei, it skyrocketed to billions before crashing. Insiders allegedly withdrew $107 million from trading fees and liquidity pools.
• Melania Token: Endorsed by the First Lady of the United States, it experienced a similar rise-and-collapse pattern in January.

Key Wallet Connections Uncovered

Bubblemaps highlighted a crucial link through the Solana wallet “P5tb4”, which:

• Earned $2.4 million from sniping Melania token.
• Transferred funds to an Avalanche-based wallet, “0xcEA”, linked to the Melania token’s creator.
• Funded “DEfcyK”, the Libra token’s main creator wallet, as tagged on Solscan.

Bubblemaps also identified similar wallet activity connecting other memecoins, including TRUST, KACY, VIBES, and HOOD, suggesting centralized control over multiple projects.

Legal Fallout and Industry Reaction

The revelations emerge as President Javier Milei faces fraud charges related to the Libra token collapse, which saw a 95% loss in value. Milei denies any prior involvement in the project’s operations.

Meanwhile, prominent crypto investigator CoffeeZilla is collaborating with Bubblemaps and engaging with insiders, such as Libra project advisor Hayden Davis, to further expose the entity behind these operations.