A meme coin called MELANIA has garnered attention for its self-proclaimed "official" status and promotion by US First Lady Melania Trump. The coin was launched in January of this year, around the time of President Donald Trump's inauguration.

In April, a group of crypto traders filed a class-action lawsuit, accusing the teams of several meme coin projects, including M3M3, LIBRA, ENRON, and TRUST, of engaging in a "pump and dump" scheme, manipulating token issuance for personal gain and causing investor losses. On Tuesday, the plaintiffs updated the lawsuit to include MELANIA as an alleged project.

The lawsuit does not accuse Melania Trump of fraud, but rather alleges that she inadvertently endorsed the project and acted as a "front." The plaintiffs emphasized that if the First Lady's team learned of any illegal activities related to the project, they would immediately withdraw any authorization. The White House and the defendants' lawyers have not yet responded to requests for comment. (Forbes)