MELANIA Memecoin: Unveiling the Silent Sell-Off and Its Impact
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Mysterious Sell-Off of MELANIA Memecoin
Recent developments have brought to light that the team behind the US First Lady’s memecoin, known as MELANIA, has been discreetly selling off their holdings over the past month. This unexpected activity has caused a significant dip in the token’s value, dropping by 7.1% within just 24 hours.
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Examining the Sell-Off
On Thursday, insights from the reputable on-chain data analytics firm, Lookonchain, indicated that the MELANIA memecoin team has been quietly liquidating their Solana-based tokens over the last 25 days. The team has strategically managed this sell-off by adding and removing liquidity from multiple wallet addresses, as highlighted in an X post.
Analyzed data reveals that the developers have offloaded approximately 6.72 million MELANIA tokens in exchange for 34,168 SOL, equivalent to about $4.2 million. This was achieved through liquidity operations across eight different wallets, raising concerns about a significant ongoing sell-off of $MELANIA, as noted by the blockchain analytics firm, Bubblemaps.
Strategic Liquidation Tactics
In a previous analysis by Bubblemaps, it was uncovered that, starting in late March, formerly dormant MELANIA team wallets began liquidating the memecoin. They transferred $1 million to various exchanges and extracted over $2 million from liquidity pools. The analysis speculated that the team might have capitalized on a lull in market attention to move funds discreetly.
Unanswered Questions and Market Impact
In a recent update, the on-chain analytics firm disclosed that memecoin developers had transferred approximately $30 million worth of tokens from community funds. Despite the significant movement, no explanation was offered by the team. Instead, a substantial amount, 50 million MELANIA tokens valued at $30 million, was shifted from community funds to a primary wallet, Cq2Tj6, before being dispersed across several addresses.
This strategic move resulted in the creation of two new positions, each valued at $6 million, with over $3 million worth of tokens already directed to exchanges. As a consequence, the memecoin’s value dropped by 12%, falling from $0.55 to a range between $0.48 and $0.49.
Identifying the Key Players
In an unexpected market twist, US President Donald Trump launched his own cryptocurrency, TRUMP, in January. This was soon followed by the release of a memecoin inspired by Melania Trump, drawing substantial criticism towards the Presidential Family.
The Faces Behind MELANIA Memecoin
One of the key figures associated with the MELANIA memecoin is Hayden Davis, who previously faced scrutiny for the LIBRA Token controversy. According to investigations by online detective Coffeezilla and Bubblemaps, there are links between the teams behind the two memecoins.
Through detailed on-chain analysis, they discovered connections between MELANIA-associated addresses and the Libra launch. This suggests that “the creator of Melania—or someone close to their team—sniped their own launch.”
Interview Revelations
In an interview with Coffeezilla, Davis acknowledged his involvement with the team responsible for launching the First Lady’s memecoin. As reported by Bitcoin, he stated that the team seized the opportunity to capitalize on the launch due to the substantial initial demand for TRUMP’s token.
Despite the recent sell-off, Bubblemaps raised questions about the silence from the team regarding the fund movements and liquidations. “If it’s the team behind it, why stay silent? If it’s Hayden Davis, why hasn’t anyone stepped in?” they asked.
Ongoing Investigations
Reports from last month indicated that Argentine authorities were seeking an Interpol Red Notice for Davis, who still controls the Libra token wallets containing millions from investors. Additionally, the Argentine parliament is considering forming a special committee to investigate the situation, which allegedly involves President Javier Milei and his sister.
Conclusion
The unfolding events surrounding the MELANIA memecoin underscore the complexities and potential risks inherent in the cryptocurrency landscape. As investigations continue, the crypto community remains vigilant for further developments that could impact the token’s future.
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