MELANIA Memecoin Developers Dump Sparks Market Concerns
The MELANIA memecoin developers dump of 9.99 million tokens, worth $4.65 million, over the past eight days has rattled investors, per analyst Ember CN. This sale extends a trend started over six weeks ago, with 41.675 million MELANIA tokens converted to 170,000 SOL ($23.06 million) since March 16. The average token price was $0.55. The crypto community is questioning the project’s longevity due to these actions.
Why Are MELANIA Developers Selling Tokens?
Ember CN notes that the team is systematically converting SOL to USDC, transferring funds to other blockchains or withdrawing them. This suggests a deliberate liquidation strategy rather than sporadic sales. The ongoing sell-offs have significantly impacted MELANIA’s price, which dropped 5.3% in the last 24 hours and 32% over the past week. The token now trades at $0.378, a 97.1% decline from its all-time high of $13.05 on January 20, 2025.
MELANIA’s Struggles Amid Memecoin Hype
Initially popularized during a memecoin frenzy tied to political figures like Melania Trump, MELANIA has lost its early momentum. The developers’ repeated sales have sparked doubts about their commitment to the project. With the token’s price plummeting, investor confidence is waning. The crypto community is questioning whether MELANIA can recover or if it will fade as a cautionary tale in the volatile memecoin market.
