The SOLANA-based meme coin MELANIA, named after First Lady Melania Trump, is under increasing scrutiny following a series of large token sales associated with the project team.
On May 3, blockchain researcher EmberCN discovered that project-related wallets withdrew nearly 10 million MELANIA tokens in just eight days.
Wallets associated with MELANIA have liquidated tokens worth $23 million since March
These sales totaled nearly $4.6 million, raising serious concerns about the project's long-term viability and the team's motivations.
According to EmberCN, the sales were conducted using a dollar-cost averaging (DCA) strategy along with unilateral liquidity provision. These techniques allowed the project to reduce price impact while quietly exiting large positions.
It is important to note that this is not the first time the project has used this approach. In April, the same wallets sold 3 million tokens in exchange for approximately 9,009 SOL—about $1.2 million at the time—using a similar approach to liquidation.
Meanwhile, these sales have been ongoing for quite some time. Since mid-March, the wallets have quietly liquidated about 41.67 million MELANIA tokens for approximately 170,000 SOL, worth around $23 million. EmberCN noted that most of these funds appear to have been converted to USDC and withdrawn. This indicates ongoing efforts by the project team to exit their significant positions in the token.
Repeated and large-scale token sales by wallets associated with the project have raised suspicions among holders.
Many are now questioning whether the meme coin was ever designed for long-term utility or was simply created to capitalize on the name recognition of the First Lady of the United States.
MELANIA was launched in January 2025 amid a media hype fueled by its branding and the timing of President Donald Trump's inauguration. However, this initial momentum quickly faded amidst a broader market downturn that significantly affected meme coins.
According to BeInCrypto, the token is trading at approximately $0.38, down more than 6% in the last day and 31% in the last seven days.
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