Memecoin Scandal and the Price of Credibility

[umair]

Hey folks, just saw this wild news and thought it was worth discussing. Apparently, there’s a lawsuit claiming that a memecoin using Melania Trump’s name was part of a huge pump-and-dump scheme. The coin, called $MELANIA, allegedly used her image and brand to attract investors, and now it’s turned into a legal mess.

From what I gathered, the people behind the coin supposedly hyped it up through influencer promotions and flashy marketing, creating the illusion that it was officially connected to Melania herself. The value skyrocketed early on — reportedly hitting massive highs — before crashing by more than 90%. A lot of regular investors apparently got caught holding the bag.

The interesting part is that Melania isn’t being sued personally, but her name being attached to it gave the project a sense of legitimacy. It shows how powerful celebrity association can be in the crypto world — even when the person involved may have nothing to do with the project itself.

Honestly, this whole thing feels like another reminder that hype in crypto can be dangerous. So many people jump into coins just because they’re tied to a famous name or trending topic. It’s easy to get caught up thinking, “If a big name is involved, it must be legit,” but that’s rarely true.

What do you all think — should there be stricter rules for using someone’s name or likeness in a crypto launch? Or is it just another case of investors needing to do their own research before buying into the hype? Curious to hear where everyone stands on this one.