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The team behind MELANIA has been offloading its tokens over the past month, sparking mixed reactions from the community. What’s happening?
MELANIA, the official memecoin of the U.S. First Lady Melania Trump, has seen its trading volume dip 14.89% in the past 24 hours and its launch price drop 79.45%. Per CoinMarketCap, MELANIA was trading at $0.4090 at press time.
The team behind the project has been accused of dumping the tokens and withdrawing liquidity from the project. In the last 24 hours, they have sold 2.95 million tokens for 9,009 SOL worth $1.2 million. According to CoinessGlobal, the team has sold 23.45 million tokens for $14.75 million (110,000 SOL) over the past month.
Investors are concerned about these large selloffs. While the selling doesn’t necessarily mean doom days, memecoins are highly influenced by the team behind them and the prevailing market sentiment. These concerns have left traders watching the charts and on-chain data closely to understand the team’s motives.
