A memecoin creator notorious for being involved with several controversial projects is continuing to dump his coins even after a 95% drop.

New data from the blockchain tracking firm Bubblemaps is shedding light on on-chain activity of Hayden Davis, who admitted to having a role in both Libra (LIBRA), a memecoin originally backed by Argentinian President Javier Milei before he quickly disavowed it, and Melania Meme (MELANIA), a coin inspired by Melania Trump.

MELANIA began a steep descent the very day it was launched in January and is now down 95.3%.

Says Bubblemaps,

“Hayden Davis is STILL selling MELANIA

He recently sent $1 million to exchanges and extracted over $2 million from the liquidity pools…

For weeks, his MELANIA wallets were inactive – until now…

In total, Hayden sent $1,065,153 worth of MELANIA to centralized exchanges and extracted $2,050,666 from the liquidity pool over the last 14 days.

And many wallets haven’t sold yet.

Why act now?

Hayden may have seen the recent drop in attention as a window to quietly move funds while fewer people were watching

We’ll keep monitoring for further activity.”

At time of writing, MELANIA is trading for $0.615.

Argentinian authorities are reportedly attempting to have Davis arrested by Interpol for his role in LIBRA.

Says prosecutor Gregorio Dalbón,

“I’m here to request the immediate detention of Hayden Mark Davis, a citizen of the United States, who is accused of being one of the principal actors behind the launch of the cryptocurrency LIBRA…

The possibility that Davis will abandon his country of residence or hide to avoid answering for his alleged acts appears to be aggravated by the economic resources he possesses, which he can use to move or remain in hiding, hindering our investigation.”

President Milei quickly disavowed LIBRA, claiming that he was tricked into supporting its launch.

Said Milei in Spanish,

“I was not aware of the details of the project and after having become aware of it I decided not to continue spreading the word (that is why I deleted the tweet).

To the filthy rats of the political caste who want to take advantage of this situation to do harm, I want to say that every day they confirm how vile politicians are, and they increase our conviction to kick them in the a**.”

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The European Insurance and Occupational Pensions Authority (EIOPA), which oversees the insurance and occupational pensions sectors in the EU, recommends imposing stricter capital requirements for insurers with crypto holdings. 

In a statement, the regulator says it advised the European Commission to introduce a 100% capital requirement for digital assets held by insurance companies.

The proposed rule will apply regardless of how insurance firms label their crypto holdings in the balance sheet or whether they have direct or indirect exposure to digital assets 

“The European Insurance and Occupational Pensions Authority published today its technical advice to the European Commission, recommending that a one-to-one capital requirement be applied consistently to all crypto holdings of EU (re)insurers.”

The regulator says capital requirements should capture the risks associated with crypto assets, including extreme price movements, market manipulation, lack of price transparency and low liquidity. 

“EIOPA considers a 100% haircut in the standard formula prudent and appropriate for these assets in view of their inherent risks and high volatility.”

EIOPA says insurance companies operating in the region do not yet have significant exposure to crypto. The regulator’s technical advice report says that in the last quarter of 2023, EU insurers invested only €655 million ($708.68 million) in the nascent asset, which represents just 0.0068% of their €9.6 trillion ($10.39 trillion) in total assets.

“Overall, the investments of undertakings in crypto-assets are immaterial.”

According to the Financial Times, EU insurers currently allocate capital equal to 60% to 80% of the value of their crypto assets.

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The head of research of market intelligence firm Fundstrat says that the odds of a V-shaped recovery for the stock market in April are overwhelmingly high.

In a new interview with CNBC Television, Tom Lee says that based on historical patterns, the stock market could mount a recovery in early April.

“The spike in the VIX (volatility index) or the collapse in investor sentiment or consumer confidence, that all happened around February 2018, so really that coincided with the first low that was made in 2018, and the market began to stage its recovery…

But as we start to think about the second half of this year, first of all, we’ve already had the collapse in sentiment. We’ve seen $850 billion of cash raised over the past year in money market balances, and then in the second half, we were looking for tax reform, which really propelled stocks in 2017.”

According to Lee, much of the panic in the stock market has already taken place this year, leading him to believe that stocks should start regaining their bullish momentum this week.

“So I think that the odds of a V-shaped recovery in stocks that come after April 2nd is just extremely high, because we’ve already sequenced a lot of the panic that people saw in 2018. I think it’s already taking place.”

A V-shaped rally is a technical pattern indicating an abrupt bullish reversal and a sharp surge in the market.

Earlier this month, both the stock and crypto markets took a hard hit after President Donald Trump announced tariffs and refused to rule out an upcoming economic recession.

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