US First Lady Melania Trump has reignited interest in her Solana-based memecoin, MelaniaMeme (MELANIA), following a prolonged period of inactivity, despite ongoing scrutiny regarding over $10 million in unexplained token sales.
In a recent post on X, Melania released an AI-generated video offering promotion for the Official MelaniaMeme token, describing it as the gateway “into the future,” and tagging its official account.
However, blockchain experts promptly pointed out that the promotional activity did not address the questions surrounding token sales linked to team wallets.
“Melania Trump won’t address the $10M of community tokens sold by team wallets. Just post an AI video after 10 months of silence,” said the blockchain analysis platform, Bubblemaps, in a post. (Translation: Melania Trump will not respond to the $10 million worth of community tokens sold by team wallets. Just releasing an AI video after 10 months of silence.)
In early April, the team associated with MELANIA transferred $30 million in community funds that were allegedly sold without any clarification from the team. This information came from blockchain data shared by Bubblemaps.
Source: Melania Trump
On the topic of September 6, the team sold an additional $1.5 million worth of tokens following a 21% price increase in the previous week. This trend indicates the use of dollar-cost averaging (DCA), according to data from Lookonchain.
Cointelegraph has sought commentary from the offices of President Donald Trump and the First Lady.
In addition, the MELANIA token has drastically fallen by 98% since its peak in January, with a current trading value of $0.18, which is more than 90% lower than at launch and 98% beneath its all-time high of $13.73, based on records from CoinMarketCap.
MELANIA/USD chart. Source: CoinMarketCap.com
One of the founders of the LIBRA token, Hayden Davis, was also involved in creating MELANIA, alongside several other memecoins from the current cycle.
In March, Davis introduced a Wolf of Wall Street themed memecoin, which quickly crashed by 99% due to insider trading practices.
This activity transpired shortly after the LIBRA token’s downfall, where insiders managed to cash out $107 million in liquidity, leading to a significant market cap loss.
For related insights, check out this article on Caitlyn Jenner’s memecoin pricing leak. Magazine: Caitlyn Jenner memecoin ‘mastermind’s’ celebrity price list leaked
