Meteora Founder hacked, yet, the hacker fails to short and dump Melania as traders fight back – best crypto to buy now?
Since the launch of Melania Trump’s meme coin, Melania, controversy has surrounded the project. The Trump family has not acknowledged it even once, fueling speculation that it’s merely a cash grab.
Adding to the drama, Meteora’s founder was hacked yesterday, prompting Meteora’s official account to step in and confirm the breach under his post. But the hacker’s plan backfired terribly. In all this mess, what could be the best crypto to buy right now?
Meteora Founder Hacked: Attacker Dumps Melania Token in Latest Crypto Scam
In an attempt to crash the Melania token and profit, the hacker shorted $10 million worth of Melania before spreading FUD, claiming the team was preparing to sell 30% of the token’s supply. He expected this to trigger a market-wide panic and send prices plummeting.
However, traders quickly caught on to his tactics and increased the price. As a result, the hacker was forced to cover his shorts by buying back tokens, which only drove the price up further. When you short an asset, you essentially borrow and sell it, creating a negative position. To close the trade, you must buy back the asset, which worked against the hacker in this case.
how is this not a long?
hacker puts on a 10mm short at .69 till now
price doesnt flinch on the tweet
now he has to unwind that position or get squeezed pic.twitter.com/js1cwoBjfT— Ponzi Trader (@buyerofponzi) March 11, 2025
As Ponzi Trader’s post highlights, the hacker’s strategy was fairly obvious. Given the coin’s low liquidity, a $10 million short position on a $110 million market cap token stood out clearly in open interest. While it was impressive that he managed to execute the trade, the plan ultimately backfired.
Once traders caught on to the manipulation, they pushed the price higher, forcing the hacker to buy back at a loss. Ultimately, his attempt to crash the token turned against him—a classic case of “play stupid games, win stupid prizes.”
Solaxy’s Milestones Signal a New Era for Solana: $25.8 Million Presale, Layer-2 Scaling, and Cross-Chain Expansion
While the hacker’s attempt to crash Melania failed, the event underscored a major issue—Solana’s congestion and high demand for meme coin trading. With Solana struggling to handle increased transaction volumes, the need for scalable solutions is greater than ever. This is where Solaxy ($SOLX) comes in, offering a Layer-2 solution designed to reduce congestion, lower fees, and improve transaction speeds.
Solaxy has quickly gained traction, raising over $25.9 million in its presale. At the time of writing, $SOLX is priced at $0.00166, with limited time before the next price increase. The project has also introduced staking options, allowing investors to maximize returns, with over 7.2 million SOLX tokens staked. Staking rewards currently offer an estimated 158% return, distributed monthly and daily.
Solaxy’s tokenomics are designed for sustainable growth, with 30% allocated to development, 25% for staking rewards, and the rest distributed across marketing, listings, and reserves. Recognizing its potential, Cilinix Crypto invested in Solaxy early on, signaling strong confidence in the project’s future.
Bridging Chains and Expanding Solana’s Capabilities
Solaxy’s development team has progressed rapidly, optimizing infrastructure to reduce latency, improve bandwidth, and lower fees. The project also works on a cross-chain bridge UI, using Hyperlane to facilitate seamless transfers between Solana, Ethereum, Base, and Solaxy.
One of the most anticipated milestones is deploying Solaxy’s L2 network, which aims to solve Solana’s congestion issues. Given the huge influx of meme coins launching on Solana, an efficient Layer-2 solution could be a game changer, making trading smoother while ensuring scalability for future projects.
As seen with the Melania token incident, liquidity squeezes and market manipulation are becoming more frequent, emphasizing the need for a more efficient trading environment. Solaxy’s L2 network addressing Solana’s scalability challenges could make it the preferred blockchain for meme coins and high-volume trading.
For investors looking beyond Ethereum’s uncertainty and Solana’s congestion, Solaxy presents an opportunity to participate in the next evolution in blockchain scalability. The $SOLX presale could be the best crypto to buy.
To participate in the Solaxy presale, visit SOLX website before the next price increase.
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