A memecoin creator linked to some controversial projects is selling off his holdings despite a massive price drop. Blockchain data reveals the actions of Hayden Davis, involved with both the Libra (LIBRA) and Melania Meme (MELANIA) coins.
Millions in Memecoin Sales
According to blockchain analytics firm Bubblemaps, Davis recently moved over $1 million worth of MELANIA to exchanges and withdrew more than $2 million from liquidity pools. This comes after weeks of inactivity from his MELANIA wallets. The firm speculates that the recent drop in attention surrounding the coin might have provided Davis with an opportunity to quietly sell off his assets. MELANIA is currently trading at just $0.615, a 95.3% drop from its launch price in January.
Legal Trouble Brewing
Meanwhile, Argentinian authorities are trying to get Interpol to arrest Davis for his involvement with the LIBRA memecoin. Prosecutor Gregorio Dalbón is seeking Davis’s detention, citing concerns that Davis’s wealth could allow him to evade prosecution. Argentinian President Javier Milei, who initially backed LIBRA, has since distanced himself from the project, claiming he was misled. Milei publicly denounced the project and those involved in a strongly worded statement.
