The MELANIA memecoin based on Solana, named after First Lady Melania Trump, is under close scrutiny following a series of large token sales related to the project's team. On May 3, blockchain researcher EmberCN revealed that wallets linked to the project sold nearly 10 million MELANIA tokens in just eight days.
Wallets linked to MELANIA have sold $23 million worth of tokens since March
These sales amount to nearly $4.6 million, raising significant concerns about the long-term viability of the project and the team's motives.
According to EmberCN, the sales follow a Dollar Cost Averaging (DCA) strategy along with providing unilateral liquidity. These techniques allow the project to reduce price impact while still quietly exiting large positions.
Notably, this is not the first time the project has used this approach. In April, the same wallet sold 3 million tokens for about 9,009 SOL—around $1.2 million at that time—using a similar liquidation approach.
Meanwhile, these sales have been ongoing for a long time. Since mid-March, wallets have quietly liquidated about 41.67 million MELANIA tokens for approximately 170,000 SOL, worth around $23 million.
EmberCN points out that most of the funds raised seem to have been converted into USDC and withdrawn. This indicates the project's team's ongoing effort to exit their significant positions in the token.
Continuous and widespread token sales through wallets linked to the project have raised suspicions among holders.
Many are now questioning whether this meme coin is designed for long-term use or just crafted to take advantage of the name of the First Lady of the United States.
MELANIA launched in January 2025 amid media frenzy, fueled by the brand and the inauguration timing of President Donald Trump. However, that initial growth momentum quickly faded amid a generally sluggish market, significantly impacting meme coins.
According to BeInCrypto data, the token price is around $0.38, down over 6% in the past day and 31% over the last seven days. More notably, MELANIA has decreased by about 97% from its peak of $13.70 on January 20.
