MELANIA meme coin to be unblocked on February 19-20: Will it lead to more price pressure?

The team behind Melania Trump’s recently launched MELANIA token is preparing to release 3% of the total supply on February 19-20, or 30 million coins worth $39 million.

The tokens are set to be unblocked at a rate of 2.25% per month for 12 months, bringing the total unblock to 30% of the supply in 13 months.

Upon launch, MELANIA token peaked at $13.73, but quickly collapsed by 90% to $1.3 in February, and is currently trading at $1.30 after a 2% drop in 24 hours.

The unblock is expected to increase the circulating supply, which could increase selling pressure and lead to significant price volatility.

Besides MELANIA, other cryptocurrencies such as MURA, FTN, QAI, IMX, and APE will be opened, while SOL, WLD, DOGE, and AVAX will see a large-scale opening. According to Tokenomist, the total cryptocurrency openings in the next seven days exceed $649 million, which could increase the bearish pressure in the market.