Recent reports revealed that the team behind the US First Lady’s memecoin, MELANIA, has been in a silent sell-off for the past month without any explanations, sending the token’s price to a 7.1% decrease in 24 hours.ç
MELANIA Memecoin’s ‘Quiet’ Sell-Off
On Thursday, on-chain data analytics firm Lookonchain reported that the MELANIA memecoin team has been selling off the Solana-based token for the past 25 days. The individuals in control of the wallets have offloaded millions of tokens through liquidity adds and pulls from multiple addresses, the X post stated.
According to on-chain data, the developers sold 6.72 million MELANIA tokens for 34,168 SOL, worth around $4.2 million, by adding and removing liquidity across eight wallets. Similarly, blockchain analytics firm Bubblemaps recently warned of a “Huge sell-off on $MELANIA.”
MELANIA team offloads millions of tokens by adding and removing liquidity. Source: Lookonchain on X
Previously, Bubblemaps explained that in late March, the MELANIA team wallets, which had been inactive for weeks, started offloading the memecoin, sending $1 million to exchanges and extracting over $2 million from the liquidity pools.
The post asserted they “may have seen the recent drop in attention as a window to quietly move funds while fewer people were watching.”
On Monday, the on-chain analytics firm updated the crypto community, revealing that the memecoin developers had moved tokens worth $30 million from community funds, and they are “now being quietly sold, with no explanation from the team.”
Instead of offering a response, the team moved 50 million MELANIA, valued at $30 million at the time, from the community funds to wallet Cq2Tj6 before being split across multiple addresses.
Following this move, “two new $6M positions were opened,” and over $3 million worth of tokens were sent to exchanges, with $500,000 already being sold at the time of the report. Since then, the memecoin’s price has decreased by 12%, falling from the $0.55 mark to the $0.48-$0.49 range.
Who’s Behind The Moves?
In January, US President Donald Trump surprised the crypto market by launching his official token, TRUMP. The Politician token, which broke all records for newly launched cryptocurrencies, was followed by the launch of a Melania Trump-inspired memecoin, bringing heavy criticism toward the Presidential Family.
One of the faces behind the MELANIA memecoin is Hayden Davis, who is also responsible for the LIBRA Token disaster. Internet detective Coffeezilla, alongside Bubblemaps, unveiled that the two memecoins were tied to the same teams.
After analyzing on-chain data, they connected MELANIA-linked addresses to the Libra launch. This meant that “the creator of Melania—or someone close to their team—sniped their own launch.”
In an interview with Coffeezilla to discuss his involvement in the Libra token, Davis admitted to being part of the team that launched the First Lady’s memecoin. As reported by Bitcoin, he affirmed that the ream sniped the cryptocurrency at launch “because of how big the snipe was on TRUMP’s” token.
He alleged that the Melania team had not swapped the liquidity at the time of the interview but “sold liquidations.” After the recent sell-off, Bubblemaps questioned why no one from the team had addressed the customer fund movements or the selling. “If it’s the team behind it, why stay silent? If it’s Hayden Davis, why hasn’t anyone stepped in?” they asked.
Last month, local reports claimed that Argentina’s authorities were reportedly obtaining an Interpol Red Notice for Davis, who still controls the Libra token wallets with millions of dollars from investors. Additionally, the Argentinian parliament is working to create a special committee to investigate the scheme, which involves President Javier Milei and his sister.
MELANIA’s performance in the one-week chart. Source: MELANIAUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
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