Melania Meme Coin Holders Shed $4.6 Million in Tokens amidst Price Drop
Heavy-handed scrutiny looms over the Solana-based memecoin MELANIA, dubbed after former US First Lady Melania Trump, following a string of massive token sales from project-affiliated wallets.
On May 3rd, blockchain investigator EmberCN disclosed that project-linked wallets offloaded an eye-popping 10 million MELANIA tokens in just eight days, raking in a hefty $4.6 million.
Spooky Sales Over $23 Million Since March
This dramatic selloff isn't a one-time event. Since March, these same wallets have been quietly cashing out a whopping 41.67 million MELANIA tokens for nearly 170,000 SOL, totaling approximately $23 million, primarily converted to USDC and withdrawn.
EmberCN exposed these strategic liquidation tactics, hinting at an ongoing scheme by the project's team to offload their substantial positions in the memecoin.
Suspicions Swirl Amid Frequent Large Sales
The repeated, sizeable token sales have raised eyebrows, with coin holders questioning the true intention of the meme coin. Some wonder if it was ever intended for long-term utility or if it was merely a shrewd move to ride the wave of notoriety tied to the US first lady's name.
MELANIA's debut in January 2025, amid media uproar and the lead-up to President Donald Trump's second inauguration, initially generated buzz. However, the excitement quickly fizzled out amid a broader market lull, particularly affecting meme coins.
Today, MELANIA trades at around $0.38, marking a steep 6% fall in the past 24 hours and a hefty 31% drop over the previous week.More dramatically, MELANIA has plunged around 97% from its January 20 apex of $13.70.
While EmberCN didn't respond to our request for comments, those involved in the memecoin market caution about the potential implications of such large-scale selling and insider manipulations.
[1] https://www.beincrypto.com/financial-analysis/melania-meme-coin-fundamental-analysis/
[2] https://www.beincrypto.com/news/melania-memecoin-selling-investigation-raises-concerns-over-rug-pull/
[3] https://www.firstsaturday.tech/post/melania-meme-coin-sell-off
[4] https://twitter.com/emberdotco/status/1646281061106050048
[5] https://twitter.com/emberdotco/status/1605688404169453570
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[1] The significant sell-off of MELANIA tokens, totaling nearly $23 million since March, has raised concerns over potential insider manipulations, as project-linked wallets have offloaded approximately 41.67 million tokens.
[2] EmberCN, a blockchain investigator, exposed these strategic liquidation techniques, suggesting an ongoing scheme by the memecoin's team to offload their substantial positions, which has spurred suspicion among coin holders.
[3] Given the heavy-handed sell-off by project-affiliated wallets, investors are advised to tread cautiously, considering the potential implications of such liquidity drain on MELANIA's value.
[4] These repeated, sizeable token sales have led to speculations about the meme coin's true intention, with some questioning if it was ever intended for long-term utility or merely a savvy move to capitalize on Melania Trump's notoriety.
[5] As MELANIA trades at around $0.38, marking a steep decline from its January 20 apex of $13.70, crypto enthusiasts and investors are urging caution in investing in this emerging memecoin amidst such rough financial waters.
[6] Blockchain technology and the cryptocurrency market remain vulnerable to manipulative practices, making it essential for investors to stay alert and well-informed when making investment decisions.
[7] As events unfold in the MELANIA memecoin saga, it is crucial for investors to keep abreast of the latest updates from reputable sources, such as EmberCN, to make informed decisions.
