Melania meme coin team dumps 9.99m tokens in 8 days

The team behind the Melania meme coin has made another token selloff and dumped 9.99 million $MELANIA tokens worth approximately $4.65 million over the past eight days. According to on-chain analyst Ember CN, these sales were conducted through “unilateral liquidity and DCA (dollar-cost averaging) methods.” This continues an overall selling pattern that started over a month and a half ago. MELANIA team nets 170,000 Solana Since March 16, the project team has transferred 41.675 million MELANIA (MELANIA) tokens from community and liquidity addresses and started converting them to Solana (SOL). The total selloff has netted the team 170,000 SOL, valued at approximately $23.063 million. The sale was made for an average $0.55 per $MELANIA token. The analyst detailed the team’s conversion process and mentioned that they “gradually sell the SOL to convert it into USDC, transferring it to other chains or withdrawing it.” This approach suggests a planned liquidation strategy rather than sporadic selling. Amidst the continuous selloffs, the MELANIA token has shown a major price drop in recent market activity. Price data shows a 5.3% drop in the past 24 hours and a 32.1% drop over both the 7-day and 30-day periods. The token remains 97.1% below its all-time high of $13.05 reached on January 20, 2025. The Melania token, associated with First Lady Melania Trump, initially gained traction during the meme coin buzz surrounding political figures and the Official Trump (TRUMP) meme coin. However, the continuous selling pressure from the project team raises questions about the token’s long-term viability and the team’s commitment to the project. At last check Saturday, MELANIA is down 7.1% over the past 24 hours. Source: https://crypto.news/melania-meme-coin-team-dumps-9-99m-tokens-in-8-days/