MELANIA token hits turbulence as developers allegedly offload $18 million in tokens

The MELANIA token, a memecoin linked to US First Lady Melania Trump, is nether scrutiny aft blockchain information suggested that its developers whitethorn beryllium down a bid of large sell-offs.

According to blockchain expert EmberCN, the project’s squad has allegedly offloaded implicit 31 cardinal tokens implicit the past month, raising concerns astir insider-driven activity.

Since March 16, wallet addresses associated with the MELANIA task person reportedly moved 31.685 cardinal tokens from assemblage and liquidity pools. These were converted into 138,800 SOL, worthy astir $18.4 cardinal astatine the clip of the transactions.

MELANIA Token Sales (Source: X/EmberCN)

EmberCN revealed that the token income were executed done a method known arsenic unilateral liquidity provisioning. This attack allows sellers to person tokens into crypto, often without requiring a purchaser connected the different end.

Meanwhile, the actions look to person enactment important downward unit connected the token’s value.

According to CryptoSlate’s data, MELANIA, which peaked astatine implicit $13 aft its motorboat earlier this year, dropped much than 96% to an all-time debased of $0.38 connected April 20.

Despite the melodramatic drop, MELANIA has shown a flimsy rebound. As of property time, the token’s terms has recovered astir 14%, trading astatine astir $0.5223.

The station MELANIA token hits turbulence arsenic developers allegedly offload $18 cardinal successful tokens appeared archetypal connected CryptoSlate.