MELANIA plummet to an all-time low after selling 14.75 million dollars of Insiders

The large sell-off wave associated with the group behind the meme coin Melania (MELANIA) has raised new concerns about internal activities within the project. These activities have caused the value of the token to drop to an all-time low, down by as much as 97% from its all-time high on Trump's inauguration day in January. Strong insider selling pushes MELANIA down to historic lows On April 19, the chain analyst EmberCN reported that wallets linked to the project sold nearly 3 million MELANIA tokens. In return, the group received approximately 9,009 SOL, worth about 1.2 million dollars. The tokens were sold through unilateral liquidity terms added to the MELANIA/SOL trading pair on Meteora. This transaction is part of a larger pattern. Over the past three days, the MELANIA team has reportedly transferred 7.64 million tokens, worth approximately $3.21 million, from both the liquidity wallet and the community wallet. The team has added these tokens to the same liquidity pool and sold them at a price of SOL within a predetermined price range. In total, they sold 2.95 million tokens just a few hours before EmberCN revealed. "In the past 3 days, the $MELANIA project team has continued to transfer 7.643 million $MELANIA tokens (3,21 million dollars) from liquidity and community addresses, then added them to the one-sided liquidity MELANIA/SOL on Meteora, selling $MELANIA within the set range for SOL. Among them, 2.95 million $MELANIA tokens were sold 7 hours ago at a price of 9.009 SOL," EmberCN stated. EmberCN also pointed out that the project team has sold more than 23 million MELANIA tokens in the past month. These tokens are valued at approximately 14.75 million dollars.

These continuous sell-offs have raised further concerns about the internal dumping situation - the first suspicions emerged in March. At that time, the blockchain analysis company Bubblemaps reported on unusual activities of over 30 million dollars in MELANIA tokens. Initially part of the community allocation, these tokens appeared to be gradually transferred to exchanges without explanation. The company has linked these transactions to Hayden Davis, the co-founder of the meme coin. Davis previously worked on another controversial coin, LIBRA, which saw a price increase shortly after Argentine President Javier Milei confirmed it, before quickly collapsing. Bubblemaps also revealed that wallets linked to the MELANIA group control about 92% of the total supply of the token. Critics argue that this level of concentration raises warnings about the potential for market manipulation. Due to these concerns, the price of MELANIA has plummeted. After reaching a peak of over $13 earlier this year, the token has fallen by more than 96% to an all-time low of $0.38, according to data from BeInCrypto.

However, the sharp decline reflects both internal chaos and a general weakness in the meme coin space. The appetite of investors for high-risk tokens seems to be waning against the backdrop of global instability and a more cautious market sentiment.