Why Melania is Falling... Project Team Sells $14 Million Worth of Tokens in the Past Month
Summary
- The decline in Melania (MELANIA) tokens is primarily attributed to the project team selling 20.5 million tokens over the past month.
- This sale caused the price of Melania tokens to plummet by 38.66%, currently valued at $0.43.
- The community and liquidity allocations were swapped for Solana (SOL), contributing to increased market volatility.
The meme coin Melania (MELANIA), themed after First Lady Melania Trump, has seen a decline of nearly 40% over the past month. Part of the decline is speculated to be due to sales by the project team.
According to on-chain data provider AmberCN on the 16th (local time), the Melania team sold 20.5 million Melania tokens over the past 30 days. The average selling price was $0.686, totaling $14.06 million.
During this period, the price of Melania tokens plummeted. As of 12:22 PM today, Melania is trading at $0.43 on CoinMarketCap, down 3.31% from the previous day and 38.66% from the previous month.
AmberCN explained, "10.5 million Melania allocated to the community were swapped for 44,013 Solana (SOL), and 10 million Melania allocated for liquidity were swapped for 57,407 Solana."
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.![Shock that there is 'no US government backstop'… Bitcoin retreats to the $60,000 level; Ethereum also rattled [Lee Soo-hyun’s Coin Radar]](https://media.bloomingbit.io/PROD/news/b23cb4d1-e890-4f1c-aa52-f18f45dc8192.webp?w=250)
