The team linked to Melania Trump’s memecoin, Melania Meme (MELANIA), has transferred $30 million worth of the token from the project’s community funds and has begun to sell them, as reported by a blockchain analytics company.
The firm indicated in a post on X that 50 million MELANIA tokens valued at around $30 million “were moved from community funds and are now being discreetly sold, without any clarification from the team.”
According to the report, the tokens were transferred to a single wallet before being “distributed across multiple addresses.” Subsequently, $3 million worth of tokens were sent to exchanges, two new positions of $6 million each were established, and $500,000 worth of MELANIA was sold.
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“None of the MELANIA team has commented on this. There has been silence regarding the transfers and sales,” it stated.
The report noted that 92% of MELANIA’s total supply is controlled by “team wallets” and warned that “the situation is not over yet.”
MELANIA’s Value Plummets
The MELANIA token was introduced on January 19, just after Donald Trump launched his own memecoin and a day prior to his anticipated return to the White House.
Since its inception, the token has significantly dropped in value, plummeting over 96% from its January peak of more than $13, now trading at $0.51 — a decline of more than 7.5% in the last day, as per reports.
The analytics group previously mentioned having discovered that Hayden Davis, who claimed involvement in creating MELANIA, had begun “quietly selling $MELANIA tokens through single-sided liquidity.”
Related: Libra, another memecoin by Melania’s creator, crashes 99%
The firm alleged that Davis also employed this method to discreetly offload LIBRA, a memecoin that drew attention after being publicized by Argentine President Javier Milei, leading to a political controversy following the token’s drastic value decline.
Interest in memecoins has recently dwindled amid a broader market downturn, with data from earlier this year showing a significant drop in the number of tokens launching from a Solana-based memecoin platform, decreasing from 5400 per week in January to just 1500.
The overall number of tokens introduced on Solana has also decreased, with only 31,651 launched as of April 5, which is less than one-third of the 95,578 created at the height of the memecoin craze on January 26.
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