Melania Memecoin Team Accused of $15M Slow Rug Pull

Blockchain analyst EmberCN has alleged that the team behind the MELANIA memecoin, themed after the former First Lady, has been systematically dumping tokens in a suspected slow rug pull. According to a post on X, the team sold 23.45 million MELANIA tokens over the past month, worth approximately 110,000 SOL ($14.75 million).

Blockchain data reveals that the team has been offloading tokens over several weeks using both liquidity and community wallets. Some sales were made directly to exchanges, while others involved manipulating liquidity—adding and removing MELANIA/SOL liquidity from Meteora’s pool to cash out.

In the latest transaction on April 19, the team reportedly sold 2.95 million tokens for 9,009 SOL ($1.2 million). Over the past three days alone, they’ve dumped 7.643 million MELANIA for SOL.

MELANIA Price Tanks as TRUMP Token Wobbles

The token has suffered heavily as a result. MELANIA, which peaked at $13.73 on January 20, has plunged 96% over the last 90 days and 23% in the past week, now trading at just $0.3834. It has dropped 5% in the past 24 hours alone, despite a relatively stable overall market.

Other memecoins like SHIB, PEPE, BONK, and Fartcoin have outperformed MELANIA recently, with an average 2% price increase.

The broader PolitiFi sector is also under pressure. The TRUMP token, which once hit $75.35, has slumped to $8.14. Although it has shown brief signs of recovery, the recent unlock of 40 million TRUMP tokens—valued over $300 million—could trigger further declines. Such token unlocks typically increase supply and exert downward pressure on price.

Whether TRUMP can avoid a MELANIA-style sell-off will depend heavily on the team’s next moves.