From presidential tokens to market crashes: Who is cashing out on "hype"?

What the Washington Crypto Ball Revealed

In January 2025, a $2,500 cryptocurrency-themed ball in Washington became the eye of the storm. Former Congress members, House Speaker, rappers… all kinds of figures gathered at the Andrew Mellon Hall.

The real climax happened mid-party. Trump posted a seemingly ordinary message on his social platform: “Have fun everyone!” followed by a feast of money — he had just issued a token called TRUMP.

Jumping from near zero to $74, this token achieved a mythic rise within hours. Reactions among attendees were polarized: some regretted not getting in early, others suspected their accounts had been hacked.

But this was not a hack. It was real — a purely hype-driven “meme coin.”

That same weekend, Melania also issued a “MELANIA” token. In just a few days, the entire family and their business partners profited over $500 million from these two tokens. Then, the prices collapsed.

Meme Coins: A Game No One Wants to Admit

The story of meme coins begins in 2013. Two software engineers chose a meme — the “tilted head Shiba Inu” — as the symbol for a new cryptocurrency, creating Dogecoin. Originally meant to mock the proliferation of digital currencies, investors flocked in. Within weeks, the project’s valuation hit $12 million.

Over the years, crypto markets fluctuated, but meme coins never disappeared. After 2021, under the influence of a prominent figure, new meme coins flooded the scene: Dogwifhat, Bonk, Fartcoin… Their “success” defied all financial logic — no product, no cash flow, completely valueless by traditional standards. The only way to profit was to sell at a higher price to the next sucker. This is “speculation within speculation.”

Platform founders explaining the creation and trading of meme coins said: “According to the Efficient Market Hypothesis, this shouldn’t work. But in reality, it does make money.” The 22-year-old founder looked uneasy in a coffee shop in Midtown Manhattan. He refused to disclose his country or real name.

On his platform, creating a token takes just a few clicks — no coding, no documents, not even understanding blockchain details. Any trending topic can become a meme coin theme. Buying is equally simple: starting at just a few cents, rising with demand. Young internet users discuss these tokens on social media; if they gain enough attention, they get listed on major exchanges, attracting more traders, and prices keep climbing. If timed right, investments can grow tenfold in hours.

But there’s a clear conflict: to attract traders, creators promise “to sell a fixed amount of tokens at low prices.” Yet, if prices rise, they are incentivized to “sell as much as possible.” Common (though illegal) tactics include: fake trades to simulate activity, secretly paying influencers to generate “spontaneous hype,” or, if the creator is anonymous, simply dumping secretly. In this game, insiders who get in early are always the winners.

The Argentine President’s Meme Coin Scandal Exposes the Puppeteers

The real turning point came a month after the TRUMP token’s collapse. Another national leader was caught in the meme coin frenzy — Argentine President supported a token called “Libra” on February 14. Hours later, the token crashed, and he hastily deleted his support post on social media.

Crypto transactions are recorded on the blockchain, the “public ledger,” leaving traceable footprints. A blockchain data analyst tracked the transactions and found anomalies: an address bought $1.1 million worth of TRUMP in seconds (obviously with insider info), then sold three days later for a $100 million profit. Another address bought MELANIA before it was publicly announced, earning $2.4 million. By tracing the transaction chain, analysts concluded these two addresses belonged to the same person or team.

Even more interesting, the “wallet” that created the “Libra” token was linked to the “wallet” that created MELANIA — and the manipulator behind Libra had already been exposed.

That person is Hayden Davis, 29, a dropout from a conservative college in the US, who claims to be a “startup expert” on LinkedIn. He works with his father Tom, who was jailed for check fraud. The two previously promoted an MLM energy drink.

Now, Davis and his circle are the behind-the-scenes players in the meme coin market. They founded an entity resembling an “investment bank,” providing consulting for token issuers, connecting influencers, managing operations. But data analysis shows all tokens they issued follow the same “suspicious pattern”: internal sales → price rises → rapid collapse. Analysts estimate Davis and his partners profited over $150 million, half of which came from Libra.

When the Argentine scandal broke, Davis admitted his role in a video. Wearing a striped hoodie, with messy blond hair and aviator glasses, he tried to appear serious but looked “completely unelite.” He admitted earning $100 million from selling Libra but claimed he was “just holding the funds” — which have yet to be returned.

The video worsened the situation. Media uncovered messages Davis sent to partners, containing racist language, and saying his boss “signed everything I told him to do, whatever I told him.” Facing calls for impeachment, the Argentine president denied responsibility on TV, saying “It’s like Russian roulette — if the bullet hits you, it’s your fault.”

A fraud content creator interviewed Davis, who first admitted “participating in the MELANIA issuance,” but refused to give details, claiming “no money was made.” In the same interview, Davis acknowledged that the meme coin space is “completely dishonest,” calling it a “regulation-free casino.” He explained a tactic called “sniping”: traders using insider info to buy heavily during token launches, then selling when others enter. He admitted his team did this too but claimed it was “defensive, to prevent others from deceiving retail investors.”

More critically, evidence reviewed by Bloomberg Businessweek showed that after TRUMP’s issuance and before MELANIA’s announcement, Davis messaged partners saying “MELANIA is coming soon,” promising to notify friends in advance, and mentioning a secret “Milei plan.” He boasted about earning “astronomical” profits from meme coins and hinted at involvement with TRUMP: “TRUMP gave me unprecedented power and huge risks.”

The Role of Exchanges: Technical Support or Conspiracy?

Davis was not acting alone. He was connected to a larger network. A former business partner turned whistleblower revealed that Davis was not the true mastermind.

A key figure was an executive at a crypto exchange. This Singapore-based CEO, with a “cat astronaut” avatar, became the central figure in the entire meme coin ecosystem. According to information, Davis claimed he spent all day with this executive and the platform’s CEO.

The platform’s CEO admitted his role in a video call. When asked if he participated in “pump-and-dump” fraud, he appeared “very surprised,” groaning that “it feels terrible.” But he did not deny close ties with Davis, saying he was introduced to the business: “I just played a bridging role, you know? Melania’s team needed help, so I introduced them to Davis.”

If this CEO and his platform helped Melania, did they also participate in the Trump token? The question remains unanswered.

In subsequent public investigations, the whistleblower recorded a call with the platform’s CEO, who suspected Davis was manipulating the “pump-and-dump” scheme, saying Davis often said “Oh, this executive said,” “This executive told me to do it,” “This executive said the token would be listed.” The whistleblower inferred they were partners. After the video was released, the platform’s CEO resigned.

Singapore “Meow”: Ideals and Paradoxes

Who is behind this virtual persona? Tracing clues, “Meow” is Ming Yeow Ng, 43, from Singapore. He is a celebrity in crypto circles: co-founder of a trading platform, creator of another popular crypto app.

Ng writes philosophical essays and hosts podcasts about his vision of building a “free market crypto.” He imagines a system called “GUM”( a huge unified market) where anyone can trade any asset. He believes creating new currencies is key to building a “more equal future.” In one article, he said meme coins are not scams but “pioneers of a new era of digital and cultural expression”; in another, he compared launching cryptocurrencies to “founding a religion.”

When asked about his relationship with Davis and the Trump token, Ng became silent. He claimed someone from Trump’s side contacted his platform requesting “technical support,” but insisted his platform only provided “technical support,” not involved in operations or misconduct. “No behind-the-scenes deals,” he said.

At a cat café in Singapore, Ng enthusiastically explained his theories. He just returned from Nepal, where he ate “psychedelic honey” during a hike and injured his knee. Surrounded by young people and lazy cats, Ng excitedly discussed an article he was writing: “All financial assets are meme coins,” he argued, because their value depends on “collective belief.” Even the dollar. “The dollar is a meme coin!” he exclaimed, slamming the table with wide eyes.

When reporters repeatedly pressed for details about Davis and the Trump token, Ng grew impatient. He claimed large meme coins “aren’t that important to his business,” adding that his plans are “much more ambitious.” “Money can be infinite,” he said, “what if we create one for every problem?”

After the Collapse: Who Profited, Who Lost

By the end of the year, everything had changed. Data shows that from peak issuance, TRUMP fell 92% to $5.90; MELANIA plummeted 99% to just $0.11 — essentially worthless.

Trump family lawyers later claimed all actions were legal. A White House spokesperson said in an interview, “The president and his family have never had, and will never have, conflicts of interest.”

But another shocking phenomenon in the meme coin market: those who helped launch and promote these coins remain silent. Davis is now a “pariah” in the crypto industry — rare in an industry that already despises rules. No one knows where he is; his social media is inactive, but blockchain shows he is still manipulating meme coins.

A New York lawyer pointed out this is an “ultimate value extraction machine, designed by very capable people.” He sued the platforms behind these tokens in 2025, calling them “a casino manipulated by insiders”; in another lawsuit, he accused Davis, the platform’s executive, and their companies of repeatedly engaging in “pump-and-dump” fraud. Both cases are ongoing.

All defendants deny the charges. The defendants’ lawyers claim Libra “is not a scam,” and that no promises were made that the token would rise; the platform’s lawyer says he “only developed the platform software,” and if there’s illegality, it’s not his responsibility.

Lessons and Reflections

The boom of meme coins exposes a brutal truth: when hype creators set the rules, markets descend into chaos.

From the presidential ball to a mysterious Singapore office, from a young Argentine advisor to the White House claiming “all is legal,” the entire story reveals an unregulated, insider-filled financial ecosystem.

The Trump family diversified their “conflict of interest portfolio.” The president proposed that the US establish a strategic Bitcoin reserve; his son owns a Bitcoin mining company. The government pushed to sell fighter jets to Saudi Arabia, while the family licensed the “Trump” brand for skyscrapers in Jeddah. The president pardoned a billionaire crypto entrepreneur who supported another of the Trump family’s crypto projects.

Many influencers who once promoted meme coins have shifted to other fields — some now promote “prediction markets.” Under the previous administration, regulators considered these “illegal gambling” and banned them. But the new government is more lenient, and the Trump family has entered this space as well.

The question remains: in a world without real regulation, who can stop the next “harvest”?