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- The MELANIA team sold $4.2 million in tokens within 25 days, raising concerns over future sales and project transparency.
- The team moved $30M worth of MELANIA tokens, fueling doubts as $2M worth of tokens were sold in a recent liquidity sale.
- Token price hits new low, dropping nearly 10% in a week, with no explanation from the team regarding recent sales.
The MELANIA team recently sold $4.2 million tokens within just 25 days. On-chain analysts expect the team to sell more of the community tokens in the upcoming weeks. According to Lookonchain, the team is constantly adding and removing liquidity from eight different wallets. Within one month, the MELANIA team exchanged 6.72 million tokens in exchange for $34,168 in SOL tokens, making a profit of $4.2 million. These actions have led analysts to infer that the team is again in the process of embezzling the community funds.
Bubblemaps Highlights Token Moves
Bubblemaps is an on-chain analytics platform that monitors these trades and asserts that the team is gradually selling most of the community tokens of the project. More recently, a week ago, one more single-sided liquidity sale took place, and $2 million tokens were sold. Which added more doubts about the actions of the team. This last also poses many questions to the team’s motives since no official explanation has been provided on why such steps have to be taken.
Regarding the MELANIA token itself, the price has been going down in the recent past. The token lost 0.90% within the last 24 hours, while its value declined by nearly 10% in the past week. Just a day before, the token hit a new all-time low, dipping below $0.50 for the first time since its launch. Currently, the token is priced at $0.51.
MELANIA Wallet Activity Surges
The analysis by Bubblemaps showed that the team transferred 50 million MELANIA tokens worth $30 million from the community fund to other wallets. These tokens were then split over different addresses. Two new wallets were created, with each of them receiving $6 million, while another wallet transferred $3 million worth of cryptos to trading platforms. However, similar to the previous period with the increased activity, $500,000 worth of tokens were sold off.
Source: CoinGecko
Such an increase in the number of performances leads experts to expect additional sales of tokens. At the moment, it is appropriate to indicate that the MELANIA team owns about 92 % of the total tokens. Nonetheless, the team has not given any updates regarding the current movements and sales being made.
“No one from the MELANIA team has addressed this. Not the movements. Not the selling. If it’s the team behind it, why stay silent? If it’s Hayden Davis, why hasn’t anyone stepped in?” stated Bubblemaps.
