MELANIA Meme Coin Wallet Sold Off 4.6 Million USD Cryptocurrency Notice When Price Plummets

The memecoin MELANIA, based on Solana and named after the First Lady of the United States Melania Trump, is under close scrutiny following a series of large token sales related to the project team. On May 3rd, blockchain researcher EmberCN revealed that wallets linked to the project had sold nearly 10 million MELANIA tokens in just eight days. Wallets linked to MELANIA have sold 23 million dollars worth of tokens since March. This sales figure has reached nearly 4.6 million dollars, raising significant concerns about the long-term viability of the project and the motivations of the team. According to EmberCN, sales follow the Dollar Cost Averaging strategy ( DCA ) along with providing unilateral liquidity. These techniques allow the project to reduce price impact while quietly exiting large positions. Notably, this is not the first time the project has used this approach. In April, the same wallet sold 3 million tokens in exchange for about 9,009 SOL —approximately $1.2 million at that time—using a similar liquidation approach. Meanwhile, these selling activities have been going on for a long time. Since mid-March, wallets have quietly liquidated about 41.67 million MELANIA tokens at a price of around 170,000 SOL, worth about 23 million dollars.

EmberCN points out that most of the funds raised appear to have been converted into USDC and withdrawn. This indicates the ongoing efforts of the project team to escape their significant positions in the token. The continuous and widespread selling of tokens through wallets linked to the project has raised suspicions among holders. Many people are now questioning whether this memecoin is designed for long-term use or just crafted to capitalize on the name of the First Lady of the United States. MELANIA will launch in January 2025 amidst a media frenzy, driven by the branding and the inauguration of President Donald Trump. However, that initial growth momentum quickly faded in the context of a sluggish overall market, significantly impacting meme coins. According to data from BeInCrypto, the price of this token is around $0.38, down more than 6% in the past day and 31% in the past week. More notably, MELANIA has decreased by about 97% from its peak of $13.70 on January 20.