Scandal "Meme Baby Family": How Trump made $350 million from worthless tokens

No one wants to admit they helped a couple sell a cryptocurrency that plummeted 90% from its peak. This is the story of how a talented group – from young engineers to economic advisors – built a giant “money-printing machine” from retail investors' trust.

A centralized plan and a “meme baby” growing up

During the weekend of the 2025 presidential inauguration, while Snoop Dogg DJed at a luxurious crypto party in Washington, a statement from Truth Social changed everything. The incoming president just issued a token bearing his name – “TRUMP” – whose price soared from nearly 0 to $74 in just a few hours. His wife, Melania, followed two days later with her own token – “MELANIA” – which also skyrocketed to $13.

But like other “meme babies,” they quickly collapsed. After a week, both tokens plummeted and never recovered. Late investors were stuck with worthless coins.

According to blockchain analysis firms, the Trump family and related parties withdrew over $350 million from these tokens – a figure that stunned the entire crypto world.

Meme coin: the “unchecked gambling” of the century

To understand more deeply, we need to go back to the origins of Meme coins. In 2013, two software engineers created “Dogecoin” as a joke – using the “Shiba Inu” meme from Reddit as its symbol. No one expected investors to flood in, and within weeks, its market cap reached $12 million.

Since then, Meme coins have become a “micro-casino” – where no real product or cash flow is needed. To make money, buyers must sell to others at higher prices. Essentially, it’s speculation on speculation.

Alon Cohen, co-founder of Pump.fun (the hottest Meme coin launch platform), revealed that from January 2024 to now, transaction fees alone have generated about $1 billion. This platform supports the issuance of thousands of Meme coins, but there’s no oversight to prevent fraudulent activity.

The tricks behind “meme babies”

Creating tokens is extremely simple: a few clicks, no programming or paperwork needed. Any current event or hot topic can be turned into a token – even tragedies.

Common tricks include:

• Fake transactions to create an “illusion of activity”
• Secret buying (insider buying before public release) then dumping for profit
• Paying KOLs to generate “spontaneous hype”
• Hiding identities to easily disappear when prices crash

The always-winning player is the insiders who get in early.

Hayden Davis and the “right hand” of a major Meme coin

A key lead points to Hayden Davis – a 29-year-old crypto advisor. Davis previously helped Argentine President Javier Milei issue the “Libra” token, which collapsed within hours. When exposed, Davis admitted he had earned $100 million from secretly selling Libra – though he later claimed it was “holding the funds.”

From leaked messages, Davis often said “must sell anonymously” and “exhaust profits from the token,” sometimes using racist language.

Former associates reveal that he also participated in issuing the MELANIA token, with orders to “sell when market cap hits $100 million.” He also boasted about making a “huge fortune from TRUMP,” calling it “unprecedented power.”

Ng Ming Yeow – “Cat” and the Meteora platform

Behind the scenes is a less-known figure: Ng Ming Yeow (nicknamed “Meow”), a Singaporean in his 40s – co-founder of the Meteora platform, where TRUMP, MELANIA, and LIBRA were first issued.

Ng Ming Yeow views “meme babies” as the future of finance, believing “all financial assets are essentially Meme coins,” even the US dollar. He envisions a “financial utopia” where “money can be infinite.”

Although claiming Meteora only provides “technical support” for Trump, 90% of the platform’s $134 million revenue last year came from Meme coin transactions – which charge higher fees.

The conclusion: Make money and… stay silent

As token prices gradually declined each month, the Meme coin industry lost its appeal. By November, trading volume had dropped 92% from its January peak. Retail investors were “shaved” until they ran out of money.

TRUMP fell 92% from its peak to $5.9; MELANIA dropped 99%, down to $0.11 – nearly worthless.

But the real money-makers – Davis, Ng Ming Yeow, Bill Zanker (an entrepreneur who collaborated with Trump) – stopped talking. Blockchain data shows they still trade, but their true identities? All hidden behind the “technical support” and “free market” cover.

On the stock market, such activities would be thoroughly investigated by regulators. But in the world of crypto “meme babies,” it’s simply… business. No one knows what will change next.