5 hours ago
Data from Lookonchain has revealed that the Solana-based MELANIA memecoin squad has sold implicit 8% of its full proviso successful the past 4 months.
According to the blockchain analytics platform, wallets tied to the MELANIA squad offloaded 82.18 cardinal tokens, equivalent to astir 8.2% of the token’s full 1 cardinal supply, betwixt March and June.
These tokens were converted into 244,934 SOL, worthy astir $35.76 cardinal astatine the clip of sale.
Lookonchain pointed retired that the transactions were carried retired crossed 44 abstracted wallets and were chiefly done liquidity changes connected decentralized exchanges.
Melania Token Sales (Source: Lookonchain)Notably, concerns astir insider trading archetypal emerged successful March erstwhile wallets associated with the MELANIA task reportedly moved 31.685 cardinal tokens from assemblage and liquidity pools wrong a month.
Since then, the squad has gone connected a consistent selling spree that has exerted important downward unit connected the asset’s value.
According to CryptoSlate’s data, MELANIA’s token terms has since plummeted by implicit 98%, falling from a highest of much than $13 earlier this twelvemonth to conscionable supra $0.20 astatine property time.
Meanwhile, hopes of the project’s squad cutting their selling enactment stay slim due to the fact that blockchain information supplier Bubblemaps reported that implicit 90% of the MELANIA token proviso is held by wallets suspected to beryllium to the project’s insiders.
The station Melania insiders dump $35M successful tokens arsenic terms crashes implicit 98% appeared archetypal connected CryptoSlate.
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