MELANIA Memecoin Transactions Under Scrutiny
MELANIA, the memecoin launched by US First Lady Melania Trump, wife of US President Donald Trump, and which has been the subject of fraud discussions, is the subject of some interesting transactions, according to onchain data.
Onchain data has revealed that the development team behind the memecoin MELANIA has been selling off a large amount of the token, adding and removing liquidity for it. The data revealed that the team has sold 13 MELANIAs worth $8.02 million in the past month. The tokens were exchanged for SOL, the native coin of Solana, the network on which MELANIA operates.
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MELANIA, which reached a market value of over $2 billion when it was first launched, has a market value of $223 million at the time of writing. The token, which has not achieved the partial success of Donald Trump’s official memecoin TRUMP, has not been listed on major centralized cryptocurrency exchanges such as Coinbase or Binance.
MELANIA is trading around 96% lower than its all-time high price of around $13, and it has only been on the market for about four months.
*This is not investment advice.