From "Financial Paradise" to Darkness: The Chain of Benefits Around the Meme Coin President

The Meme coin craze involving the Trump family that just launched has left a highly controversial mark. Within a few weeks, the prices of TRUMP and MELANIA soared to billions of USD, but then collapsed sharply. According to blockchain analysis experts, the involved groups may have profited over 350 million USD from this event, while hundreds of thousands of retail investors suffered heavy losses.

The “Unregulated Casino” Mechanism Behind

Meme coins are essentially virtual assets entirely based on hype and collective trust. Unlike stocks based on corporate profits or fiat currencies backed by the government, Meme coins have no intrinsic value. The only way for buyers to make money is to sell to others at a higher price – fundamentally, this is an unregulated “pump and dump” game.

Pump.fun is one of the hottest Meme coin exchanges today. According to co-founder Alon Cohen, 22 years old, the platform has supported the issuance of over 1,400 Meme coins, with transaction fee revenue from January 2024 to now around 1 billion USD. Creating tokens on this platform only takes a few clicks – no programming, no licensing, and even no blockchain knowledge required.

However, this mechanism is easily exploited. Token founders often promise to “sell a fixed amount at a low price,” but once prices rise, they have motives to sell off as much as possible. Common tricks include fake transactions to create an “illusion of activity,” secretly paying influencers (KOL) to promote, or using insider information to buy and sell before the public.

The Real Controllers: From Davis to Meow

To understand the mechanics behind Trump and Melania tokens, one must follow the individuals directly involved. The first key figure is Hayden Davis, a crypto advisor to Argentine President Javier Milei. Davis, along with his father Tom, established Kelsier Ventures – functioning as an investment bank for the Meme coin market.

When Milei issued the “Libra” token in February, the price immediately plummeted. Blockchain data analysis revealed suspicious patterns: some addresses bought large quantities right at launch, then dumped when prices rose, making hundreds of millions USD in just a few days. Estimates suggest Davis and his partners earned over 150 million USD from similar activities.

However, Davis is just a “backstage player.” A more influential figure is Ng Ming Yeow – known as “Meow” – co-founder of the Meteora exchange. Ng Ming Yeow, a Singaporean in his 40s, built Meteora into a platform allowing the issuance and trading of numerous Meme coins. The exchange gained fame when TRUMP, MELANIA, and LIBRA were launched there sequentially.

“Technical Support” and Unanswered Questions

When asked about Meteora’s role in this event, Ng Ming Yeow insisted the platform only provides “technical support” so that “anyone can issue any token,” and does not participate in trading or do anything illegal. He argued that strict control would hinder innovation, and used the metaphor “not throwing the baby out with the bathwater” – meaning cryptocurrency as a whole shouldn’t be rejected just because of some “dirty bathwater.”

However, blockchain analysts found suspicious links between different transaction wallets. A former associate of Davis – Moty Povolotski – revealed that Davis once requested to “sell anonymously” large amounts of MELANIA when reaching a target market cap, clearly indicating an intention to separate from public transactions to hide information.

From Office and Silence

After Povolotski disclosed evidence to the media, Ben Chow – then CEO of Meteora – resigned. When directly asked if he knew about the plans behind the Trump token, Ben Chow appeared “very shocked” but did not deny any connection to Davis. He only affirmed his role as “connecting parties.”

The silence of those involved remains a big mystery. Although blockchain data shows suspicious transactions, no one wants to confirm their exact roles in this event. Even Ng Ming Yeow, when asked for details about Davis, only said, “If I tell you, things are actually more boring than you think.”

Conflicts of Interest: Meme Coin Fever and Political Power

The link between the Trump family and Meme coin issuers has raised concerns about conflicts of interest. Some analysts suggest these token transactions are essentially a way for “foreign investors to transfer unlimited anonymous funds to the new President.”

Holders of Trump tokens include crypto billionaires seeking to influence government policy. Billionaire Justin Sun – co-founder of Binance – bought Trump tokens worth 15 million USD and was invited to a private party at Trump National Golf Club. This event was called “a corrupt party” by Senator Elizabeth Warren.

The Trump administration claims “no conflict of interest” because the President “participates in a personal capacity.” However, subsequent policy decisions – such as the plan for the “US government to buy strategic Bitcoin reserves” or pardoning billionaire Zhao Changpeng (related to Binance) – benefit those involved in this Meme coin craze.

The End of the Boom: From Billions of USD to Nearly Worthless

The Meme coin craze lasted only a few months. By November 2025, total Meme coin trading volume had decreased by 92% from the January peak. TRUMP plummeted from a high of 74 USD to 5.9 USD (down 92%), while MELANIA dropped to just 0.11 USD (down 99%), nearly worthless.

Hayden Davis – a key figure in these activities – has now become a “pariah” in the crypto industry. No one knows where he is, but blockchain data shows his wallet still trades Meme coins. Conversely, Ng Ming Yeow issued his own token for Meteora in October, with a current market cap exceeding 300 million USD.

Lack of Regulation and the Next Fever

Lawyer Max Burwick called the Meme coin craze an “ultimate value extraction machine” designed by highly talented individuals. Despite lawsuits initiated against platforms like Pump.fun and related individuals, no regulatory agency has officially intervened in the activities of the Trump family or the Argentine President.

As this craze cools down, KOLs and Meme coin issuers have shifted to new fields – especially “prediction markets” like Polymarket and Kalshi, where users can bet on events from sports to elections. The Trump family also did not miss this opportunity, with members participating as advisors to these platforms.

The lack of regulation in the crypto space continues to create “quick money” opportunities for those with information and influence, while millions of small investors are continuously “exploited” until they are drained.