The workforce behind Melania Trump’s memecoin (MELANIA) has allegedly moved and begun promoting $30 million value of tokens from neighborhood funds with out public clarification. The MELANIA token was launched on Jan. 19, simply in the future after former U.S. President Donald Trump launched his personal memecoin challenge. It additionally coincided with the date he was scheduled to re-enter the White Home.
Blockchain Agency Uncovers Suspicious Token Transfers
In response to blockchain analytics agency Bubblemaps, 50 million MELANIA tokens, value round $30 million, had been quietly taken out of the challenge’s neighborhood pockets. These neighborhood funds are normally put aside to help challenge improvement, advertising, or person incentives—not for personal gross sales.
Bubblemaps mentioned the tokens had been first moved to a single pockets. From there, they had been cut up into a number of smaller wallets, a standard technique to make massive token actions much less noticeable. The agency tracked $3 million value of tokens despatched to exchanges, the place they may very well be bought, together with two separate wallets, every receiving $6 million value of tokens. It was additionally famous that $500,000 in MELANIA had already been bought.
Regardless of these massive actions, nobody from the MELANIA workforce has made any public statements concerning the transfers or gross sales. Bubblemaps added that there was “no explanation from the team” and warned that extra gross sales might observe.
92% of MELANIA Provide Held By Insiders
One among Bubblemaps’ most regarding findings is that workforce wallets management 92% of the MELANIA token’s provide. This implies most tokens usually are not in circulation amongst on a regular basis customers however are held by challenge insiders. This stage of centralization will increase the danger of price manipulation or sudden token dumps, which might damage common traders.
The analytics agency acknowledged, “The damage isn’t done yet,” suggesting that additional token gross sales might proceed to hurt the token’s worth.
Since its January launch, MELANIA has misplaced virtually all of its worth. The token initially peaked at over $13, however it now trades at round $0.51 — a drop of over 96%. Within the final 24 hours alone, the price fell greater than 7%.
MELANIA’s fall comes when general curiosity in memecoins is fading. In response to knowledge from Dune Analytics, the variety of new memecoins launched by way of the Solana-based platform Pump.enjoyable dropped sharply from 5,400 per week in January to simply 1,500 per week in March.
Equally, figures from SolScan present that solely 31,651 new tokens had been launched on Solana on April 5. That is far beneath the 95,578 tokens created on January 26, in the course of the top of the memecoin increase.