Blockchain analytics firm Bubblemaps has accused the team behind Melania Meme (MELANIA) — the memecoin linked to former U.S. First Lady Melania Trump — of quietly selling off $30 million worth of tokens from community funds without any explanation.
According to an April 7 post by Bubblemaps on X, 50 million MELANIA tokens were moved from project reserves to a single wallet, then distributed across multiple addresses. Of this, $3 million was sent to exchanges, with $500,000 already sold. Two new $6 million positions were also opened, suggesting a strategy to offload tokens gradually.
Bubblemaps warned that 92% of MELANIA’s total supply remains in wallets connected to the team, suggesting more selling pressure could follow. Neither Melania Trump’s team nor Hayden Davis — who previously admitted involvement in the project — have commented on the transactions.
Launched on Jan. 19, MELANIA has since collapsed more than 96% from its all-time high of $13, now trading at just $0.51. This follows similar allegations against Davis, who was also linked to the now-defunct LIBRA token tied to Argentina’s President Javier Milei.
The memecoin market itself is cooling off, with Pump.fun activity dropping over 70% since January and total token launches on Solana also down sharply.
The $MELANIA saga highlights growing concerns over transparency and rug-pull behavior in the memecoin space, especially among politically affiliated tokens.