Melania Trump's Memo Coin Team “sold” $30 million “selling” Bubblemaps says

According to Blockchain Analytics company Bubblemaps, the team behind Melania Trump's mimecoin Melania Meme (Melania), moved $30 million worth of tokens from the project's community fund and began selling them.

Bubblembams said in the X-Post April 7th that the $50 million Melania token was worth around $30 million.

He added that the token was moved to one wallet before being “split into multiple addresses.” From there, Bubblemaps said $3 million worth of money was transferred to the exchange, two new $6 million positions were opened, and $500,000 worth of melania was sold.

“No one on the Melania team is working on this. It's not a move. It's not a sale.”

Bubblemaps said 92% of Melania's supply is held by “team wallets,” claiming “no damage has been done yet.”

Melania falls free from peak height

The Melania Token was released on January 19th, when it began the day after Donald Trump launched his own Memecoin and the day before he re-entered the White House.

The token has basically lost all its value since its launch, exceeding 96%, above $13 from its January high, trading at $0.51.

Bubblembaps said last month that Hayden Davis, who said he helped create Melania, discovered that he “started secretly selling $Melania Tokens via single-sided liquidity.”

Related: Libra, Melania Creator's 'Wolf of Wall Street' Memecoin Crashes 99%

The company claimed that Davis used tactics to quietly sell the Libra. He also claimed that he was copied and shared by Argentine President Javier Milei, causing a political scandal after the value of the token was cratered.

Interest in MemeCoins recently discovered that the number of tokens graduated from Pump.Fun, a Solana-based Memecoin Launchpad, had dropped to just 1,500 from January to January amid a wider market defeat with Dune Analytics data in March.

The total number of tokens released on Solana has also decreased, with SolScan data showing only 31,651 released on April 5th, less than a third of the 95,578 created at the peak of Memecoin Frenzy on January 26th this year.

Magazine: MemeCoins is DED, but despite the sharp decline in revenue, Solana '100x is good.”