Listen, imagine, MELANIA's crypto coin, which was on HYPE at the beginning of the year, has lost almost all of its value in just a couple of months. At first, it soared to 13 bucks per token — just on the day of Trump's inauguration — and now it costs... 0.38. This is minus 97%!
So, the trick is that insiders, that is, the project team itself, just started massively draining their tokens. Recently, analysts from EmberCN found out that almost 3 million tokens were sold from wallets associated with the project in just one day — and this is only part of the whole picture.
Over the past three days, the team has withdrawn almost 7.64 million tokens, and in just a month they sold MELANIA for about $ 14.75 million. Moreover, they did it cunningly: they poured liquidity into certain pools, sold tokens for SOL (another crypt), and it all looked like a well-established scheme.
And that's not all. Research from Bubblemaps has shown that the team controls 92% of all MELANIA tokens. That is, in fact, almost the entire market was in their hands. Unsurprisingly, when they started selling, the price collapsed.
And now the most interesting part. One of the co—founders of the project, Hayden Davis, has already been seen in a similar story with another token called LIBRA, which first rose sharply and then also fell rapidly. So he seems to have a style like that.
All this, of course, does not add credibility. MELANIA seemed to be conceived as a fun memcoin, but in the end it became an example of how internal greed and lack of transparency can kill a project.
Now investors are bypassing it, and in general, all such "meme" coins have become more cautious.
Do you think this is just another crypto scam or a warning for everyone who is chasing a quick profit?