Melania insiders dump $35M in tokens as price crashes over 98%
Data from Lookonchain has revealed that the Solana-based MELANIA memecoin team has sold over 8% of its total supply in the past four months.
According to the blockchain analytics platform, wallets tied to the MELANIA team offloaded 82.18 million tokens, equivalent to around 8.2% of the token’s total 1 billion supply, between March and June.
These tokens were converted into 244,934 SOL, worth roughly $35.76 million at the time of sale.
Lookonchain pointed out that the transactions were carried out across 44 separate wallets and were primarily through liquidity changes on decentralized exchanges.
Notably, concerns about insider trading first emerged in March when wallets associated with the MELANIA project reportedly moved 31.685 million tokens from community and liquidity pools within a month.
Since then, the team has gone on a consistent selling spree that has exerted significant downward pressure on the asset’s value.
According to CryptoSlate’s data, MELANIA’s token price has since plummeted by over 98%, falling from a peak of more than $13 earlier this year to just above $0.20 at press time.
Meanwhile, hopes of the project’s team cutting their selling activity remain slim because blockchain data provider Bubblemaps reported that over 90% of the MELANIA token supply is held by wallets suspected to belong to the project’s insiders.
The post Melania insiders dump $35M in tokens as price crashes over 98% appeared first on CryptoSlate.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
AI Capital Expenditure Faces a Dilemma: Accelerating Puts Pressure on Cash Flow, Slowing Down Undermines the Growth Narrative
Nomura Securities believes that the AI investment narrative is mired in an internal contradiction: if hyperscale cloud providers accelerate capital expenditures, their free cash flow will continue to be drained, raising doubts about the sustainability of financing; if they slow down, it would indicate a loss of confidence in AI demand and profitability expectations. Both paths lead to sell-offs. The crowded long positions accumulated during the AI agent boom in September have triggered large-scale stop-losses under negative catalysts, spreading to US Treasury bonds, exchange rates, and commodity markets, resulting in systemic deleveraging.
Amazon (AMZN.US) CEO: AWS cloud computing capacity is fully booked until 2027, and a large amount of capacity has already been committed by customers for 2028
On Friday, Jassy stated that with the growing demand for artificial intelligence (AI) infrastructure, Amazon AWS cloud computing capacity is virtually sold out through 2027, and a significant portion of 2028 capacity has also been pre-booked by customers.
AI trading collapse: Will Anthropic postpone its "Super IPO"? The "scheduled listing date" in mid-November is approaching.
The time window is extremely tight—according to SEC regulations, the S-1 filing must be submitted by next week at the latest, and prediction markets estimate the probability of a listing within the year at around 80%. The sell-off in the AI sector has cast a shadow over the listing prospects, and the previous plan to go public in September has already fallen through. Several market participants say that Anthropic may face pressure to delay its listing, but some analysts point out that the company's urgent need for capital may drive it to stick to the original plan.
Crypto prices
More
