- The MELANIA token team reportedly dumped over 82 million tokens. In a bid to remain undetected, they distributed the tokens across 44 wallets, cashing out approximately $35.76 million.
- Following the massive sell-off, MELANIA’s price has dropped over 60% in 60 days, raising questions about the project’s transparency and insider activities.
Melania’s token price has fallen by more than 60% in the last 60 days. The token insiders have also come under scrutiny after it was revealed that the team offloaded about 82.18 million $MELANIA tokens in the last four months.
The massive sell-off wasn’t just done by one wallet; instead, the team strategically spread the sell-off across 44 wallets, bringing in a coordinated sale of 244,934 $SOL, valued at approximately $35.76 million.
How the MELANIA Team Sold 82 Million Tokens
MELANIA, the native token of Melania Trump launched in early January, has seen a massive sell-off from the token’s team. According to data shared by Lookonchain, the token team quietly distributed 82.18 million $MELANIA tokens across 44 separate wallets and sold them in a way that would avoid detection.
Basically, the team went on to place open market sell orders, then added and removed liquidity on exchanges. This method allowed them to discreetly dump the token.
This move allowed the team to take out about 244,934 SOL, which was worth approximately $35.76 million at the time the transaction was carried out.
This sell-off has drawn a lot of eyes to the project once again, especially because this is not the first time an insider sell-off has been recorded. More importantly, many individuals have asked questions about the transparency and credibility of the project, with many questioning the team’s true intentions.
Also Read: MELANIA Token Insiders Pocket $100 Million Profit Minutes Before Melania Endorsement
As of the time of writing, the token is down by 5.5% within the last 24 hours. The downward momentum has also affected its weekly and monthly prices, as they are both trading at a low of 16.6% and 39.5%, respectively.
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