Eye-opening stories about cryptocurrency: From Trump to the true "power players" behind the scenes

When “Meme coin in the cat’s glance style” first appeared in 2013 in the form of Dogecoin ( with the Shiba Inu dog symbol ), few expected that a joke would evolve into a billion-dollar money-making machine. A decade later, from that free circulation circle, a market full of conspiracy, corruption, and mysterious figures controlling everything has emerged.

When politics meet cryptocurrency: The fever begins

In the first weekend of 2025, the Trump family made a shocking move: issuing two personal tokens. The first was “TRUMP,” followed by “MELANIA” a few days later. Within just a few hours, the value of these tokens skyrocketed from almost nothing to $74 and $13 respectively. Reports from Chainalysis and Bubblemaps estimate that the Trump family and related parties may have earned over $350 million.

But the story is not just about making money. After that price surge, both tokens quickly collapsed. By December 2025, TRUMP had fallen 92% from its peak, down to $5.9; MELANIA plummeted 99% to $0.11. Hundreds of thousands of retail investors were left empty-handed, while a few insiders made huge profits.

Meme coin: An uncontrolled casino

To understand this craze, we need to go back to the origins. Meme coins initially were just a parody, a product of humor rather than financial ambition. But when Elon Musk started praising them, the number of Meme coins flooding into the market exploded.

The fundamental difference: unlike any other asset, Meme coins have no intrinsic value. No cash flow, no real product, only “the community’s shared belief” – or in other words, “speculation on speculation itself.”

Alon Cohen, 22, co-founder of Pump.fun ( which supports the issuance of about 1,400 Meme coins ), admits that this model “goes against all basic financial principles.” But it makes money – a lot of it. From transaction fees alone from January 2024 to now, Pump.fun has collected about $1 billion.

Market controllers

Behind Trump’s Meme coin craze are shadowy figures. A shell company named “Fight Fight Fight LLC” appears on the token’s website, but the real information is hidden. However, by analyzing publicly available company records, investigators discovered the name Bill Zanker – an entrepreneur who co-authored books with Trump and has carried out many other bizarre “money-making projects.”

But Zanker is not the main character. The real clues point to a group of people who have made hundreds of millions of dollars: Hayden Davis (, a crypto advisor to Argentine President Milei ), and especially Ng Ming Yeow – user alias “Meow,” with an avatar of an astronaut cat, co-founder of the Meteora exchange.

Argentine President scandal: The unlocking

The real investigation began when Argentine President Javier Milei also issued a Meme coin called “Libra” in February 2025. The token collapsed within hours, and Milei quickly deleted the post. This incident became a “piece” for blockchain analysts like Nicolas Vaiman of Bubblemaps to detect irregularities.

Through blockchain data analysis, Vaiman identified buyers who purchased tokens immediately upon release within seconds – clearly knowing in advance. Then, they sold within a few days with profits of up to $100 million. This is a classic insider trading case, but on the Meme coin market, such actions are “completely legal.”

Soon after, Vaiman discovered a network link between “MILEI wallet” and “MELANIA wallet” – the two tokens of different leaders. The main bridge was Hayden Davis.

Davis and the “mysterious partners”

Hayden Davis, a 29-year-old crypto advisor, became the pivot of the scandal. Through leaked messages, Davis admitted to earning $100 million from issuing Libra but called it “holding the money.” He also boasted that his group “sold as much as possible” from the tokens they issued.

When asked about his role in MELANIA, Davis reminded “to sell anonymously” – a clear sign of illicit activity. Moty Povolotski, a former associate of Davis from the DefiTuna startup, publicly accused that both Davis’s father and son directed large-scale pump-and-dump activities, earning over $150 million.

Meow: The mastermind behind the scenes

However, Davis is not the real “big player.” Behind him is Ng Ming Yeow (Meow), a Singaporean over 40 years old, co-founder of Meteora. This exchange was the first to issue three major tokens: TRUMP, MELANIA, and LIBRA.

Ng Ming Yeow was once an ordinary programmer, but when Meteora supported the Meme coin craze, it became a money-printing machine. Blockworks reports that 90% of the $134 million revenue of the past year came from Meme coin transactions – the highest fee cryptocurrency.

When directly asked about his role, Ng Ming Yeow affirmed that Meteora only “provides technical support” and does not engage in trading or illegal activities. He follows the philosophy of “not controlling how people use technology,” even though his technology has clearly become a primary tool for unprecedented pump-and-dump schemes.

The craze cools down but lessons remain

By November 2025, the total Meme coin trading volume had decreased by 92% from the January peak. The fever subsided, but the scars remain: hundreds of thousands of investors were “scalped,” while insiders like Davis, Zanker, and Ng Ming Yeow remain silent, richer than ever.

The so-called “conflict of interest” of the Trump administration continues: the Trump family continues to participate in new crypto projects, Eric, the son, owns a Bitcoin mining company, while the President promotes the US government to buy strategic Bitcoin reserves.

Lawyer Max Burwick calls this entire system “the ultimate value extraction machine” – a design by the most talented to exploit uninformed traders. And when regulators step in, they only say “fraud is fraud,” with no concrete action.

From Dogecoin with the cat’s glance symbol in 2013 to the Meme coin craze in 2025, the cryptocurrency market has revealed a harsh truth: when rules are set by hype players, how chaotic the market can become – and who profits from that chaos.