Bubblemaps: Team MELANIA has 'quietly sold' 30 million dollars

The development team behind the memecoin of First Lady of the United States Melania Trump, Melania Meme (MELANIA), has transferred tokens worth 30 million USD from the project's community fund and started selling them, according to information from blockchain analytics company Bubblemaps.

In a post on platform X on April 7, Bubblemaps revealed that 50 million MELANIA tokens, equivalent to about 30 million USD, have been transferred from the community fund and are currently being sold without any official announcement or explanation from the development team.

Specifically, Bubblemaps indicates that this number of tokens was initially transferred to a single wallet, and then distributed to various other addresses. From these addresses, approximately 3 million USD was transferred to exchanges, two positions worth 6 million USD each were established, and tokens worth 500,000 USD of MELANIA have been sold.

"No member of the MELANIA team has spoken about these transactions, nor the sale of the token," Bubblemaps emphasized.

In addition, the company pointed out that 92% of the MELANIA supply is currently held in wallets controlled by the development team, while warning that "the damage is not yet over."

MELANIA is plummeting uncontrollably

The MELANIA token was launched on January 19, just one day after former President Donald Trump released his own memecoin and one day before he is expected to return to the White House.

However, since its launch, the price of MELANIA has dropped significantly, losing more than 96% of its value from the peak of over 13 USD in January. Currently, this token is only trading at 0.51 USD, down more than 7.5% in the last 24 hours.

MELANIA price chart | Source: TradingviewBubblemaps also revealed that last month, they discovered Hayden Davis — who claims to have participated in the creation of MELANIA — secretly sold MELANIA tokens through a one-sided liquidity mechanism.

The company accused Davis of having used a similar tactic to sell LIBRA, another memecoin that he admitted to creating. LIBRA, which was promoted by Argentine President Javier Milei, caused a major political scandal when its value collapsed.

Interest in memecoins wanes

In the context of the cryptocurrency market undergoing a tough phase, interest in memecoins has also sharply declined. According to data from Dune Analytics in March, the number of tokens issued from the memecoin platform Pump.fun based on Solana has decreased by more than two-thirds since January, from 5,400 tokens per week to only 1,500.

The total number of tokens issued on the Solana ecosystem has also decreased significantly. Data from SolScan shows that only 31,651 tokens were issued on April 5, less than a third of the 95,578 tokens created at the peak of the memecoin frenzy on January 26 of this year.

Disclaimer: This article is for informational purposes only and is not investment advice. Investors should conduct thorough research before making any decisions. We do not take responsibility for your investment decisions.

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Mr. Teacher

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