The team behind the Melania Trump Melania Melania Meme (Melania), moved a $ 30 million worth of token out of project community funds and started selling them, says Blockchain Analytics Firm Bubblemaps.
Bubblemaps Says In an April 7 X post that 50 million Melania tokens worth $ 30 million “were transferred from community funds – and is now quietly sold, with no explanation from the team.”
It added that the tokens were moved to a single purse before “split into multiple addresses.” From there, Bubblemaps said $ 3 million worth of exchanges were transferred to exchanges, two new $ 6 million positions were opened, and $ 500,000 worth of Melania was sold.
Source: Bubblemaps
“No one from the Melania team responds to it. Not the movements. Not the sale,” he added.
Bubblemaps said 92% of Melania’s supply was held by “team purse” and claimed that “the damage is not over yet.”
Melania freefalls from peak high
Melania Token was launched on January 19, one day after Donald Trump launched himself Memecoin And one day before he was re -entered the White House.
The token has essentially lost all its value since the launch and dropped by more than 96% from January’s high over $ 13, and traded at $ 0.51 – down to more than 7.5% on the last day, According to This coingecko.
Bubblemaps Says Last month it was found that Hayden Davis, who said he helped create Melania, began “covertly selling $ Melania token through single -sided liquidity.”
Related: Libra, Melania Creator’s Melania Creator’s Melania Creator’s Melania Creator’s 99%
The firm claimed that Davis also used the tactic to quietly sell Libra, a Memecoin who was also concluded with labor shared by Argentine President Javier Milei, which caused the cause of Political scandal After the amount of token cratered.
Interest in Memecoins has recently disappeared in the middle of a broader market route Data from dune analytics In March it was found that the number of tokens graduated from the Memecoin Launchpad based in Solana, Pump.Fun, dropped more than two-thirds since January, falling from 5400 per week to just 1500.
The total number of tokens launching in Solana also dropped, along with Data From Solscan showing only 31,651 launched on April 5, less than one-third of 95,578 created at the peak of Memecoin Frenzy this year on January 26th.
Magazine: Memecoins are ded – but solana ‘100x better’ in spite of income plunge
