Melania Token Falls 5% Amid Insider Selling Activity
The Official Melania Meme token (#MELANIA) experienced a 5% decline to approximately $0.40 on April 17, attributed to insider token sell-offs that have raised investor concerns.
Key points include:
- Over 6 million MELANIA tokens sold this past week across eight wallets.
- Approximately 13 million tokens worth over $8 million sold in the last month for 60,304 Solana.
- Trading volume surged by 11% to $17.1 million, indicating increased selling activity.
- MELANIA's market cap dropped from over $2 billion to roughly $221 million, a 97% decrease.
- Concerns about liquidity withdrawals and large-scale sell-offs have led to accusations of a pump-and-dump scheme.
- Blockchain analytics revealed 50 million MELANIA tokens worth around $30 million moved to insider wallets, with significant amounts dumped on exchanges.
- Team-controlled wallets reportedly hold 92% of the token’s supply, raising red flags.
MELANIA Price Outlook
MELANIA continues trading within the lower Bollinger Band, indicating downward momentum. The bands are contracting, suggesting a potential downward breakout. The RSI is at 36.29, nearing oversold conditions, but no strong reversal signals are present. A break below $0.40 may lead prices toward $0.35.
MELANIA price chart | Source: TradingView
This week, MELANIA appears to be breaking down from a descending triangle pattern formed since early April, indicating potential continued decline unless buying pressure increases.
MELANIA descending triangle pattern breakdown | Source: TradingView