MELANIA Token Faces Controversy After $30M Sell-Off: What’s Next?

MELANIA Token Plunges 96% as $30M Moved and Sold – Is This the End?

MELANIA Token – The team behind Melania Meme (MELANIA), the memecoin associated with US First Lady Melania Trump, has sparked controversy after moving $30 million worth of tokens out of the project’s community funds. According to blockchain analytics firm Bubblemaps, a total of 50 million MELANIA tokens were transferred to a wallet before being split across multiple addresses. The firm claims that the tokens are now being quietly sold, though no explanation has been provided by the MELANIA team.

Selling Activity Raises Eyebrows

Bubblemaps detailed that $3 million worth of MELANIA tokens were transferred to exchanges, with two new positions of $6 million opened. Additionally, around $500,000 worth of the tokens were sold. The firm pointed out that 92% of MELANIA’s supply is controlled by team wallets, raising concerns that the recent actions could have significant ramifications. The MELANIA team has yet to comment on these developments.

MELANIA’s Value Plummets Amid Controversy

Since its launch on January 19, the MELANIA token has seen a sharp decline in value. Once trading as high as $13, it has now fallen by more than 96% and is currently valued at $0.51. In the last 24 hours alone, the token dropped by over 7.5%, according to data from CoinGecko. This drastic fall has led many to question the future of the token and its associated project.

Declining Interest in Memecoins

The decline of MELANIA token is part of a larger trend in the memecoin market. Data from Dune Analytics shows that the interest in memecoins has waned, with the number of tokens launching from the Solana-based memecoin platform, Pump.fun, dropping significantly since January. In March, the weekly token launches dropped by over two-thirds, from 5,400 to just 1,500.

The memecoin craze appears to be losing momentum, and MELANIA‘s decline reflects broader market challenges for similar tokens.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.