MELANIA Team Sells 82 Million Tokens, Coin Value Drops 80%
Recent on-chain data reveals that the MELANIA meme coin team has sold 82 million tokens, totaling $35 million, over four months. This represents 8.22% of the total supply, with the price dropping from $1.22 to $0.20, an 80% decline.
MELANIA Team's Token Sell-Off
- The team executed sales across 44 wallets, avoiding direct market scrutiny.
- Sales mainly occurred through liquidity management rather than open market orders.
- This generated proceeds of 244,934 SOL, valued at approximately $35 million.
Concerns about transparency and tokenomics have emerged, especially due to stagnant development. The project documentation notes that the token has "no functionality" and lacks plans for reinvestment into growth or user engagement.
Liquidity Partnership with Wintermute
- A partnership with Wintermute was announced in early June to provide liquidity.
- 150 million MELANIA tokens, worth about $50 million, were transferred to new addresses, including 20 million to Wintermute's wallet.
- Despite improved liquidity, MELANIA's price continued to decline by 59% over the past 60 days.