- Insider Melania token holders have sold over 6.72 million tokens, leading to concerns about an abandonment of the project.
- Many analysts believe the team is secretly selling off community-allocated tokens.
- This situation is causing investor confidence to shake in the Melania project as revealed in the token’s price drop and fading social interest.
The MELANIA token, referred to as the “Official Melania Meme” coin, is facing difficulties after the team running it was caught selling off huge chunks of the tokens through various wallets. Recently, these project insiders sold around 6.72 million MELANIA tokens, and it is becoming increasingly likely that some of them are pulling out while leaving the current community in the lurch.
According to the blockchain data-tracking platform, Lookonchain, it looks like the team used eight different wallets to conduct transactions, swapping the tokens for 34,168 SOLs, which yielded $4.2 million in profits for them.
Melania Wallet Activity Raises Suspicion
Some analysts, such as Bubblemaps, suspect that the larger game plan has been to quietly cash in on the meme-themed cryptocurrency originally given to the community. The team has been offloading huge amounts of these tokens for months, yet there has been no explanation for such a decision.
They made sales worth $2 million in a separate trade, undermining the token’s price stability. Bubblemaps also reported the transfer of 50 million MELANIA tokens by a community wallet to other addresses.
Additionally, $3 million worth of the token was moved to exchanges, and $500,000 worth of these memecoin was sold from one wallet. Experts believe this has led to the belief that further token sales are in the pipeline.
What is troubling is that none of the actions mentioned here have been addressed by anyone from the MELANIA project. There has been no response regarding the significant movements, the sales, or even from the person said to be linked with the team, Hayden Davis.
Token Selloff keeps Melania’s Future In Doubt
Despite the massive token selloff, MELANIA still has a significant market value of $277.6 million, and its circulating supply is approximately 539.31 million tokens. Yet, for the past seven days, the token’s price has decreased by 8.67% to $0.5147.
Source: CoinMarketCap
There’s no fixed maximum supply for this cryptocurrency and since the total amount is about to reach a billion tokens, people are beginning to get worried that the more of the tokens are sold off, the more likely its value will decrease.
Additionally, the project’s profile score is stuck at a 40% ranking, which means that the project’s social media interest is fading. Thus, many investors are afraid that MELANIA will not live up to its early hype.
