The Melania meme coin, associated with Donald Trump's wife Melania Trump, has experienced a significant decline in value due to substantial token sales by its developers. Over the past month and a half, the project has sold 34.457 million MELANIA tokens, valued at approximately $12.15 million.
Token Sales and Transfers
Since March 16, the project has transferred a total of 76.132 million $MELANIA tokens from community and liquidity addresses to various wallets. These tokens were sold using unilateral liquidity addition and Dollar-Cost Averaging (DCA) methods, generating around $35.218 million in revenue from the sale of 244,000 $SOL . The average selling price of MELANIA tokens was calculated at $0.46.Later, some of the SOLs obtained were resold and these assets were converted to $USDC or transferred to centralized exchanges (CEX).
Market Performance and Controversy
The MELANIA token's market capitalization currently stands at $197 million, with a 24-hour trading volume exceeding $10 million. However, its value has plummeted 98.2% from its all-time high, when its market cap surpassed $1.5 billion. The token's poor performance has been accompanied by allegations of fraud, drawing parallels to the TRUMP memecoin controversy.
Trump's Crypto Ventures Under Scrutiny
The TRUMP memecoin and other Trump-associated crypto assets have faced criticism for potential conflicts of interest and corruption. Critics argue that Trump's involvement in crypto ventures, including the $Trump memecoin, may benefit him personally rather than serving the nation's interests. Justin Sun, the founder of TRON, has been linked to Trump's crypto dealings, investing $75 million in World Liberty Financial, a crypto platform launched by the Trump family.
Market Impact
The recent sell-off has contributed to a 56% decline in the combined market capitalization of TRUMP and MELANIA memecoins over the past 24 hours, to $10.9 billion. As the crypto market continues to evolve, investors are advised to exercise caution and monitor developments closely.
