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Recent reports show that the team behind Melania, the memorial for the first lady of the United States, has been in a silent sell-off for the past month without any explanation, causing the token price to drop by 7.1% in 24 hours.
Melania Memecoin’s “quiet” sale
On Thursday, chain chain data analytics company Lookonchain reported that the Melania member team has been selling Solana-based tokens for the past 25 days. The X post says that individuals who control the wallet have added millions of tokens through liquidity.
According to Chain Chain data, the developer sold 6.72 million Melania tokens at 34,168 Sol, worth about $4.2 million, and by increasing the liquidity of eight wallets, it was about $4.2 million. Similarly, blockchain analytics firm Bubblemaps recently warned that “a huge sell-off in $Melania.”
MELANIA team offloads millions of tokens by adding and removing liquidity. Source: Lookonchain on X
Earlier, Bubblemaps explained that in late March, the Melania team’s wallet had been inactive for weeks, began uninstalling Memecoin, sent $1 million to communicate, and raised more than $2 million from the liquidity pool.
The post asserted that they “may have seen the recent drop in attention as a window to quietly move funds, and few people are watching.”
On Monday, the chain-chain analytics company updated the crypto community, revealing that Memecoin developers have moved $30 million worth of tokens from community funds and “is now being sold quietly without a team’s explanation.”
Rather than provide a response, the team moved 50 million Melanias to $30 million at the time, from community funds to wallet CQ2TJ6, and then before multiple addresses separated.
The move followed, “two new $6 million positions were opened” and tokens worth more than $3 million were sent to the exchange, which had already sold $500,000 at the time of reporting. Since then, Memecoin’s price has dropped 12%, from the $0.55 mark to the 0.48-$0.49 range.
Who is acting?
In January, U.S. President Donald Trump surprised the cryptocurrency market by launching his official token, Trump. The politician token broke all records of the newly launched cryptocurrency and subsequently launched a Melania Trump-inspired memorial that drew serious criticism of the president’s family.
One of the faces behind the Melania memorial is Hayden Davis, who is also responsible for the disaster in Libra. Internet detective Coffeezilla and next to the bubble reveal that the two memes are related to the same team.
After analyzing the chain data, they connected the Melania-related address to the Libra release. This means “the creator of Melania or someone close to the team launches.”
Davis admitted to being part of the team that launched the First Lady when he was interviewed by Coffeezira to discuss his involvement in Libra tokens. As Bitcoin reported, he confirmed Ream snatched cryptocurrency at launch, “because of how big a sniper is on Trump.”
He claimed that the Melania did not exchange liquidity during the interview, but instead “sell liquidation.” After the recent sell-off, Bubblemaps questioned why no one on the team spoke to the client fund’s campaign or sales. “If it’s the team behind it, why should we stay silent? If it’s Hayden Davis, why no one intervened?” they asked.
Last month, local reports said that Argentina authorities were reportedly receiving an Interpol red notice for Davis, who still controls Libra’s symbolic wallet with millions of dollars investors. In addition, the Argentine Parliament is working to form a special committee to investigate the plan, which involves President Javier Milei and his sister.
MELANIA's performance in the one-week chart. Source: MELANIAUSDT on TradingView
Featured images from Unsplash.com, charts from TradingView.com
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