According to GMGN market data, the market capitalization of PING, the meme coin used on the Base Chain's X402 protocol, briefly surpassed $20 million. Currently, its value is $17.19 million, a daily increase of over 521%. Odaily reminds users that the price of the meme coin is subject to significant price fluctuations, so investors should be aware of the risks.
According to official news from Odaily Planet Daily, Meme Go, Gate Web3's full-chain Meme coin trading and monitoring platform, is becoming a vital tool for Web3 users to analyze on-chain assets and make trading decisions thanks to its specialized features. Meme Go is currently offering a limited-time, site-wide transaction fee-free promotion, allowing users to experience full-chain trading at zero cost and make efficient decisions more quickly and reliably. Meme Go also supports millisecond-level real-time monitoring of token launch platforms across the entire chain, helping users quickly lock in potential tokens and seize early dividends. Its innovative features are taking on-chain trading to new heights, significantly improving the speed and accuracy of on-chain investment decisions.
Furthermore, Meme Go's professional trading dashboard integrates multiple core features, including customizable K-line charts and a deeply modular design. These powerful features are bringing users a brand new trading experience. The former is deeply customized for on-chain transaction characteristics, supporting multi-dimensional data display and real-time price linkage, helping users quickly understand market trends. The latter supports flexible drag-and-drop layout of monitoring and order modules, seamlessly integrating market monitoring and order placement. With its intelligent interface and efficient interactive experience, Meme Go is continuously improving the depth of user analysis and execution efficiency in on-chain transactions, further promoting the visualization and professionalization of Web3 transaction data.
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)
Odaily Planet Daily reported that a class action lawsuit accused Meteora founder Benjamin Chow of being the mastermind behind the "scam tokens" MELANIA and LIBRA, and claimed that former US First Lady Melania Trump and Argentine President Javier Milei were only used as publicity "props" and did not directly participate in the related activities.
The lawsuit stems from the case Hurlock v. Kelsier Ventures, and the defendants include Meteora, Chow, and its partner, Kelsier Ventures. The indictment alleges that the team manipulated at least 15 tokens through a "pump and dump" scheme, using the images of real public figures to package tokens and create liquidity traps. MELANIA and LIBRA were the most prominent examples.
The document alleges that Chow worked closely with Meteora co-founder Ng Ming Yeow and Kelsier Ventures CEO Hayden Davis to issue a batch of "pump tokens" using the Meteora brand and technical architecture. LIBRA, once touted as a way to support Argentinian small and medium-sized enterprises, and MELANIA, launched two days after Trump unveiled his official token. Both subsequently plummeted by over 90%.
The case is moving forward despite a court order in August to release $57.6 million in USDC funds tied to Libra and expressing skepticism about the plaintiffs' prospects of success. Chow resigned from Meteora in February. (Decrypt)
Odaily Planet Daily News: Andreessen Horowitz's digital asset venture capital fund a16z crypto pointed out in the "2025 Cryptocurrency Status Report" released on Wednesday that the issuance of more than 13 million meme coins in 2025 shows that there is a regulatory vacuum in the cryptocurrency field and the United States urgently needs to pass market structure legislation.
a16z Crypto emphasized that the passage of regulatory legislation will provide a clearer framework path for cryptocurrency builders and investors. The passage of the Digital Asset Market Clarity Act, currently being considered in Congress, will protect consumers by adding safeguards, enable oversight of blockchain-based intermediaries, and create a clearer regulatory path for digital commodities. (Bloomberg)
