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Melania Trump plugs memecoin amid $10M team selling allegations
US First Lady Melania Trump has resumed promoting her Solana-based memecoin, MelaniaMeme (MELANIA), after months of silence, even as the project faces ongoing questions about millions of dollars in unexplained token sales.
In a Thursday X post, Trump returned with an artificial intelligence-generated video promoting the Official Melania Meme token as the path “into the future,” tagging the official X account of the memecoin.
However, blockchain analysts were quick to note that the promotion did not address concerns over token sales by team wallets.
On April 7, the team behind the MELANIA token moved $30 million worth of community funds that were “quietly sold, with no explanation from the team,” according to blockchain data shared by Bubblemaps.
In addition, the team behind the token sold another $1.5 million worth of tokens in the three days leading up to April 28, following a 21% price increase during the previous week
The selling patterns pointed to dollar-cost averaging (DCA), an investment strategy used to buy or sell a predetermined amount of an asset at fixed times, according to crypto intelligence platform Lookonchain.
Cointelegraph has reached out to the offices of President Donald Trump and the first lady for comment.
Related: Milei-endorsed Libra token was ‘open secret’ in memecoin circles — Jupiter
Melania token down 98% from all-time high
The MELANIA token has lost nearly all of its value since launching in January. The coin traded at $0.18 at the time of writing, down more than 90% from launch and 98% from its all-time high of $13.73, according to CoinMarketCap.
In March, Davies launched a Wolf of Wall Street-themed memecoin with an insider supply of over 80%, which led to the token crashing by 99% within two days.
This came a few weeks after the Libra token’s collapse, where eight insider wallets cashed out $107 million in liquidity, leading to a $4 billion market cap wipeout within hours.
Magazine: Caitlyn Jenner memecoin ‘mastermind’s’ celebrity price list leaked