Blockchain analysts at Bubblemaps announced they have discovered evidence suggesting that the same entity is behind both the Libra and Melania memecoin projects.

According to Bubblemaps, wallet activities indicate that the creator of the Melania token was also involved in transactions with the Libra token, engaging in sniping and profit-taking from both.

The Libra token made headlines last Friday after a sudden launch and an endorsement from Argentina’s President Javier Milei, which led to a swift price increase followed by a dramatic collapse. The price drop was accelerated by insiders withdrawing $107 million in trading fees and liquidity pool funds. Similarly, the Melania memecoin, which garnered attention with an endorsement from the former first lady of the United States, saw its market value soar before plummeting in January.

Bubblemaps' investigation pointed to a Solana wallet, labeled "P5tb4," which accumulated over $2.4 million from activities related to the Melania token and then moved these funds to an Avalanche-based EVM wallet, "0xcEA." This wallet is believed to be connected to the creator of Melania through funding transactions and cross-chain transfers.

The same "0xcEA" wallet was later found to be funding "DEfcyK," identified as the main creator wallet for the Libra token. This connection has raised suspicions that the Libra and Melania tokens, along with other tokens such as TRUST, KACY, VIBES, and HOOD (NASDAQ: HOOD ), may be controlled by the same entity.

Following the crash of the Libra token, President Milei is now facing fraud charges, although he has denied having prior knowledge of the project's specifics. As the investigation unfolds, Bubblemaps is collaborating with other analysts and Youtuber CoffeeZilla, who is in contact with insiders like Libra project's advisor Hayden Davis, to uncover more information about the entity orchestrating these cryptocurrency projects.