- Blockchain analytics revealed that the team behind the Melania Trump-linked MELANIA token allegedly transferred and sold $30 million worth of community funds.
- Following a pattern of alleged fraudulent activity seen with other politically-linked meme coins, the MELANIA token’s value plummeted over 96%.
Blockchain analytics firm has revealed a dramatic occurrence linked to U.S. First Lady Melania Trump’s token. Bubblemaps took to the X platform revealing that the team behind Melania Meme (MELANIA) token has quietly sold off a staggering $30 million worth of community funds.
Memecoins have been described by traders as a “pure form of gambling”, well there are losers and winners. In this MELANIA game, Via a post on the x platform, Bubblemaps claim that a whooping 50 million MELANIA tokens worth approximately 30 million were transferred from community-held wallets to a ingle address.
The tokens were there after split across multiple wallets. The Blockchain analytics firm revealed that the move was later followed by what is known as a stealth selling.
Notably, $3 million worth of MELANIA was transferred to centralized exchanges, with two $6 million positions established and another $500,000 in tokens already sold.
The team has raised alarm bells about the truth of the matter as “No one from the MELANIA team has addressed this. Not the movements. Not the selling,” Bubblemaps wrote.
Further spreading shock the firm noted that 92% of the total MELANIA supply remains in wallets linked to the project team. This means that potential for further damage is far from over.
The MELANIA token was launched on January 19, a day after Donald Trump revealed his own memecoin and one day before the pro-crypto President entered office. MELANIA’s entry was magical as it led to TRUMP’s 50% decline and led to a $13 billion MELANIA market capitalization.
“This is beyond insane,” analysts at The Kobeissi Letter posted on X.
Less than 48 hours ago, Donald Trump launched TRUMP which just erased $7.5bn in market cap in 10 minutes. In the minutes around the launch of Melania Trump’s token, we saw massive sell orders in $trump.
At the time of writing, according to CoinGecko, the token is down more than 96% from its all-time high of over $13, now trading around $0.51. The token has dropped more than 6.2% in the last 24 hours alone.
Notably, MELANIA and those involved in the project have long been on Bubblemaps’ cross-hairs. Last month, the analytics firm reported that Hayden Davis, who claimed to have co-created MELANIA, was covertly selling tokens via a technique known as single-sided liquidity.
The same figure allegedly used a similar strategy to offload LIBRA, another memecoin tied to a high-profile political figure, Argentine President Javier Milei. That token also saw its value collapse, sparking a brutal political scandal in Argentina.
The broader memecoin market is also feeling the pressure. According to Dune Analytics, the number of tokens emerging from Solana-based memecoin launchpad Pump.fun has plummeted from 5,400 per week in January to just 1,500 by March.
SolScan data further shows a steep drop in token launches—from a peak of over 95,000 on January 26 to just 31,651 on April 5.