Large Wallets Connected to MELANIA Dump Significant Investments Amid 98.4% Price Decrease (Regarding Trump)
FYI
- The folks behind the second political meme token have been offloading a big chunk of their coins for months now.
- According to blockchain data from Lookonchain, they've unloaded more than 8% of the MELANIA token supply already, selling over $35 million worth.
The post suggests that the team cashed out MELANIA tokens worth over $35 million from 44 wallets linked to them in the past four months.
This dump seems to have taken a toll on the meme coin related to FLOTUS, which experienced a huge price drop. It peaked at $8.5 shortly after its launch, but then started losing value rapidly.
In the last 24 hours, the asset has plummeted to $0.2, marking a whopping 98.4% price drop in just a few months.
Interestingly, the MELANIA team seems to follow in the footsteps of those managing the TRUMP token—our website* has reported numerous times that wallets connected to the POTUS meme coin have disposed of large portions of their tokens.
The latest example, while contentious, happened just hours before the US launched missile attacks on Iran. The entire crypto market turned bearish, including the TRUMP meme coin, as a result.
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Insights:
- The MELANIA team has sold approximately 82.18 million tokens, representing about 8.2% of the total 1 billion token supply[2][4][5], netting around $35.7 million[2][4][5].
- These sales were primarily conducted via liquidity changes on decentralized exchanges to reduce immediate market impact[2][4][5].
- Despite these strategies, selling pressure from insider wallets has been a major factor in the rapidly decreasing price of MELANIA[2][3].
- Over 90% of the MELANIA token supply is still held by insiders, hinting at the team's control over the token's supply and price dynamics[2].
- The concentration and constant selling by insiders have intensified the downward price trend and raised concerns about the token’s long-term viability, given that the project openly states the token has "no functionality" and no plans for reinvestment into development or ecosystem growth[5].
- The trading of MELANIA tokens by the team has influenced the crypto market and finance, causing a significant price drop due to large-scale selling.
- Similar to the TRUMP token, the MELANIA team has been disposing of a substantial portion of their tokens, with blockchain data indicating over 8% of the total supply sold for $35.7 million.
- The concentration of tokens in the hands of insiders, along with continuous selling, raises questions about the future of investing in MELANIA, given the lack of functionality and plans for development or ecosystem growth.
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