- The MELANIA team dumped over 8% of the token’s total supply in four months.
- The selling pressure has shed over 90% of the token’s value, with no signs of recovery.
Since January, Official Melania Meme [MELANIA] has been in free fall with no relief in sight. It has shed over 90% in the past five months, dropping from over $14 to $0.2.
Since May, the memecoin has dropped 60%, hitting new lows, but the sharp decline has stabilized near $0.20.
A major factor behind the sell-off appears to be heavy token dumping by the project’s team.
Source: MELANIA/USDT, TradingView
MELANIA team’s dumping spree
Over the past four months, the project’s team has reportedly sold more than 80 million MELANIA tokens, equivalent to approximately 8.12% of the total supply.
This added up to over $35 million withdrawn from the memecoin’s liquidity.
Still, the team controlled a large stash of the memecoin. Notably, the top 10 holders manage nearly 90% of the overall supply (893 million tokens), further exposing late buyers to the whims of the project’s team actions.
Apart from April and early May, the memecoin hasn’t enjoyed a strong rebound or buying pressure, despite a strong relief rebound in early Q2.
During the same period, trading volume on DEXes plummeted from nearly $12 million to under $2 million—an 83% drop that highlights the waning market interest in the memecoin.
Source: SolScan
The disinterest wasn’t surprising given the team’s action and allegations leveled against Trump’s family crypto empire.
According to some Democrat lawmakers, Trump has allegedly made over $450M from TRUMP and MELANIA memecoins.
That said, CoinGlass’ 7-day liquidation heatmap showed that the memecoin print price swings above $0.2 in the near term.
At press time, the map indicated a pool of liquidity and magnetic zones at $0.19-$0.204 on the lower side of price action.
Source: CoinGlass
On the upper side of price action, another liquidity pool was located between $0.222 and $0.228. This meant potential price swings on either side during liquidity-driven moves.
In conclusion, MELANIA has bled to nearly zero since its debut, as the team dump on holders non-stop.
