Investors sued Benjamin Chow of Meteora and Hayden Davis of Kelsier Labs in New York federal court on October 21, 2025. The class action claims a pump-and-dump fraud with $MELANIA token. Melania Trump faces no allegations. Scheme Across Tokens The filing outlines a six-step method applied to 15 tokens, including $MELANIA. Steps include pre-launch purchases, celebrity hype, and quick sells. Investors lost millions. Trump's image added perceived legitimacy. Token Value Drop $MELANIA debuted January 19, 2025, reaching $13.73 at peak. It fell 99% to $0.10 by October 22, 2025. Lowest point was $0.07554 on October 11. Initial hype fueled the rise. Case Implications Burwick Law handles the suit. Lawyer Max Burwick noted potential for clearer token rules. Crypto sector and regulators observe. No statements from defendants.