{"id":125172,"date":"2025-03-16T13:20:40","date_gmt":"2025-03-16T13:20:40","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=125172"},"modified":"2025-03-16T13:20:40","modified_gmt":"2025-03-16T13:20:40","slug":"libra-melania-creators-wolf-of-wall-street-memecoin-crashes-99","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=125172","title":{"rendered":"Libra, Melania creator\u2019s \u2018Wolf of Wall Street\u2019 memecoin crashes 99%"},"content":{"rendered":"

Source: Cointelegraph.com NewsThe creator of the Libra (LIBRA) token has launched another memecoin with some of the same concerning onchain patterns that pointed to significant insider trading activity ahead of the coin\u2019s 99% collapse.
\nHayden Davis, the co-creator of the Official Melania Meme (MELANIA) and the Libra token, has launched a new Solana-based memecoin, with an over 80% insider supply.
\nDavis launched the Wolf (WOLF) memecoin on March 8, banking on rumors of Jordan Belfort, known as the Wolf of Wall Street, launching his own token.
\nThe token reached a peak $42 million market cap, however, 82% of the WOLF token\u2019s supply was bundled under the same entity, according to a March 15 X post by Bubblemaps, which wrote:
\n\u201cThe bubble map revealed something strange \u2014 $WOLF had the same pattern as $HOOD, a token launched by Hayden Davis. Was he behind this one too?\u201d
\nSource: BubblemapsThe blockchain analytics platform revealed transfers across 17 different addresses stemming back to address \u2018OxcEAe\u2019 owned by Davis.
\n\u201cHe funded these wallets months before $LIBRA and $WOLF launched, moving money through 17 addresses and 2 chains,\u201d Bubblemaps added.
\nSource: BubblemapsThe Wolf memecoin lost over 99% of its value within two days, from the peak $42.9 million market capitalization on March 8 at 4:00 a.m. UTC, to just $570,000 at press time, Dexscreener data shows.
\nWOLF\/SOL, market cap, 1-hour chart. Source: DexscreenerDavies\u2019 latest token launch comes weeks after the Libra token\u2019s collapse where eight insider wallets cashed out $107 million in liquidity, leading to a $4 billion market cap wipeout within hours.
\nThe Libra token turned into a political issue, with Argentinian President Javier Milei risking impeachment after his endorsement of the Libra coin.
\nArgentine lawyer Gregorio Dalbon has asked for an Interpol Red Notice to be issued for Davis citing a \u201cprocedural risk\u201d if Davis remained free as he could have access to vast amounts of money that would allow him to either flee the US or go into hiding.
\nRelated: Milei-endorsed Libra token was \u2018open secret\u2019 in memecoin circles \u2014 Jupiter
\nMemecoins are turning into \u201cretail value extraction tools\u201d
\nMemecoins are turning against crypto\u2019s fundamental ethos of decentralization, becoming increasingly used to exploit retail investors amid the growing number of rug pulls, according to Anastasija Plotnikova, co-founder and CEO of blockchain regulatory firm Fideum.
\n\u201cMemecoins have evolved from community-driven social experiments into a chaotic landscape dominated by value extraction from retail investors,\u201d Plotnikova told Cointelegraph, adding:
\n\u201cInsider rings, pump-and-dump schemes, and sniper groups have replaced the organic, collectible nature of original memecoins, creating an unhealthy playing field.\u201d
\nRelated: TRUMP, DOGE, BONK ETF approvals \u2018more likely\u2019 under new SEC leadership
\nInvestors will also need to distinguish between memecoins that can be seen as genuine \u201ccollectibles\u201d and \u201coutright fraudulent activities\u201d like rug pulls which are \u201cnot only unethical but also clearly illegal, with case law to support enforcement.\u201d
\n\u201cIn my view, these activities should fall firmly within the jurisdiction of law enforcement agencies,\u201d she added.
\nUnited States regulators are becoming increasingly aware of the growing memecoin scams.
\nA New York lawmaker introduced a bill that would establish criminal penalties specifically aimed at preventing cryptocurrency fraud and protecting investors from rug pulls, Cointelegraph reported on March 6.
\nUnder the proposal, new criminal charges would be created for offenses involving \u201cvirtual token fraud,\u201d explicitly targeting deceptive practices associated with cryptocurrencies.
\nMagazine: Caitlyn Jenner memecoin \u2018mastermind\u2019s\u2019 celebrity price list leakedRead More<\/a><\/p>","protected":false},"excerpt":{"rendered":"

Source: Cointelegraph.com NewsThe creator of the Libra (LIBRA) token has launched another memecoin with some of the same concerning onchain patterns that pointed to significant insider trading activity ahead of… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125172"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=125172"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125172\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=125172"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=125172"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=125172"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}