Blockchain analytics company Bubblemaps recently unveiled that the team behind Melania Trump’s memecoin, MELANIA, transferred approximately $30 million in tokens from the community’s fund before selling them off.

On April 7, Bubblemaps posted on X about the significant sell-off, stating that 50 million MELANIA tokens, valued at about $30 million, were moved from community funds with no clarification from the team.

1/ Huge sell-offs on $MELANIA $30M was moved from community funds — and is now being quietly sold, with no explanation from the team 🧵 pic.twitter.com/UbhAqiiW61 — Bubblemaps @bubblemaps April 7, 2025

Bubblemaps detailed that the tokens were first moved to a single wallet, subsequently divided across various addresses, with $3 million sent to exchanges and other significant transactions occurring. The team has not commented on any of these actions.

Recent investigations have connected Hayden Davis, a key figure behind MELANIA, to the extraction of $2 million from the liquidity pools, and he has a history of involvement in other scams, including LIBRA.

As per CoinGecko, MELANIA’s value has plummeted 96% since its January launch, where it peaked at over $13 before now sitting at around $0.51.

Despite the controversies surrounding MELANIA, the broader meme coin category has seen a positive turnaround, registering a 12% increase in the past 24 hours, now nearing a combined market cap of $50 billion. Notably, FARTCOIN has emerged as a top performer with over 30% growth recently.