MELANIA (Official Melania Meme) rose 31.62% in 24 hours

Gate News Bot message, October 28, according to CoinMarketCap data, as of the time of writing, MELANIA (Official Melania Meme) is currently priced at $0.13, having risen 31.62% in the last 24 hours, with a high of $0.15 and a low of $0.09. The current market capitalization is approximately $121 million, an increase of about $29 million compared to yesterday.

Recent important news about MELANIA:

1️⃣ Involved in pump and dump fraud lawsuit The MELANIA token project has been included in a class action lawsuit that accuses several Meme coin projects of engaging in “pump and dump” fraud. Although the lawsuit does not directly accuse former First Lady Melania Trump of participating in the fraud, it states that she inadvertently endorsed the project and served as a “figurehead.” This legal risk could impact investor confidence.

2️⃣ Issuer Meteora executives accused by investors Executives from Meteora, the issuer of the MELANIA token, have been accused by investors of organizing the token issuance while knowing that a crash would occur. Investors claim that Meteora executives devised a plan to generate huge profits through sell-offs while causing the price to plummet. This allegation could further undermine market confidence in the MELANIA project.

3️⃣ Meteora Airdrop Event Sparks Attention The Meteora project recently conducted a token airdrop, with two wallets related to the Melania Trump meme coin receiving a total of approximately $1.2 million in MET tokens. This airdrop event has raised questions about the project's allocation mechanism and fairness, which may affect the market performance of the MELANIA token.

Despite facing numerous controversies, the price of the MELANIA token has significantly risen, possibly related to the short-term hype from speculators for controversial projects. However, considering the current legal risks and market skepticism, investors should carefully assess the long-term investment value.

This message is not intended as investment advice; investors should be aware of market volatility risks.