Blockchain data reveals that the MELANIA meme coin team has sold over 82.18 million tokens, representing 8.22% of its total supply in the last four months. Despite this, MELANIA's price continues to decline, reflecting a negative sentiment in the meme coin market. On-chain investigator Lookonchain noted that these tokens were sold through 44 wallets, with the team avoiding detection by dumping directly onto exchanges. This strategy earned them 244,934 SOL, valued at approximately $35.68 million. The project lacks transparency, as its documentation states the token has 'no functionality' and no plans for reinvestment in development or user engagement. Despite a partnership with market maker Wintermute aimed at improving liquidity, MELANIA's price has dropped 59% over the past 60 days, reaching an all-time low. Community skepticism is growing, with traders questioning the project's long-term viability amid aggressive liquidation by the team. Without a clear roadmap or utility, MELANIA's future may hinge on market sentiment rather than substantive growth. Read more AI-generated news on: https://app.chaingpt.org/news