Kelsier Ventures and Nigeria’s Administration in Talks to Launch Meme Coin on Solana Blockchain

Kelsier Ventures, the company behind the LIBRA meme coin, has allegedly considered launching a new meme coin on the Solana (SOL) blockchain in collaboration with members of Nigeria’s administration. Although there’s no direct evidence connecting Nigerian President Bola Tinubu to the project, sources close to the matter claim that some of his team members were involved.

“The project was well advanced,” said an undisclosed source close to the situation.

However, it’s unlikely to come to fruition due to the negative press surrounding Kelsier Ventures after the LIBRA and MELANIA incidents, as well as Nigeria’s fraught relationship with cryptocurrency.

Kelsier Ventures’ History with Meme Coins

Kelsier Ventures gained attention after its involvement in the LIBRA meme coin launch. After Argentinian President Javier Milei promoted the coin, it skyrocketed from 0 to over $4 and collapsed to under 50 cents shortly after, leading to speculation about a possible rug pull.

However, the CEO of Kelsier Ventures, Hayden Davis, denied the pump-and-dump accusations. He explained that the project’s team “sniped” the coin to deter others from doing it. Davis insisted that the project was not a scam but rather a “plan gone miserably wrong,” with approximately $100 million currently sitting in an account under his custodianship.

Davis also acknowledged his involvement in the launch of the Melania Trump memecoin, which, like Libra, had also been sniped at launch. Blockchain analysts from Bubblemaps identified wallets connected to the creator of the Melania memecoin, which were also involved in transactions related to the LIBRA coin.

Nigeria’s Crypto Crackdown

Nigeria has cracked down on cryptocurrency activity in recent years, with its Economic and Financial Crimes Commission (EFCC) freezing over 1,100 bank accounts of crypto traders in September 2024 to curb crypto fraud.

This move, combined with the negative press surrounding Kelsier Ventures, makes it unlikely that the proposed meme coin project will come to fruition.

Clarification from KIP Protocol

A representative for KIP Protocol (KIP) stated that KIP was not the initiator of the Libra token or the larger Project Viva La Libertad. Instead, their involvement was intended to be in connection with the subsequent small business financing initiative, as well as providing infrastructure for tech companies, including AI infrastructure.

For more information on cryptocurrency news and updates, visit Global Crypto News.

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