Melania Trump's Memecoin Sees Huge Sell-Offs As Team Quietly Cashes Out Millions In Community Funds
A Bubblemaps report has suggested that the Official Melania Meme team is kicking holders while they are down.
The recent report has put the spotlight back on MELANIA and LIBRA architect Hayden Davis.
Bubblemaps has warned that more pain may be coming for MELANIA token holders at the hands of insiders.
From ethical to tokenomics concerns, Official Melania Meme, the Solana memecoin backed by first lady Melania Trump, just like OFFICIAL TRUMP, the Solana memecoin launched by President Donald Trump, raised several red flags when it launched.
Fast-forward months and these concerns have been more or less validated as the coin trades 96% below its all-time high, and insiders continue to dump on holders.
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The Official Melania Meme team is kicking token holders while they are down.
On Monday, blockchain data provider Bubblemaps reported that the token with the ticker MELANIA was facing 'huge sell-offs' as the team behind the project quietly siphoned millions from the community fund.
Crypto projects typically set aside community funds for everything from ecosystem development to community incentivization programs. But Bubblemaps suggests that members of the MELANIA team appear to be using the project's community fund as a personal piggy bank.
According to the blockchain data provider, MELANIA team members have moved 50 million tokens worth approximately $30 million from the project's community fund. Splitting the tokens across multiple addresses, $3 million worth of tokens have made it to exchanges, with $500,000 worth of tokens confirmed sold.
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Just over a week ago, Bubblemaps highlighted a $2 million extraction from MELANIA's liquidity pools, with $1 million sent to exchanges. In this instance, the firm squarely pointed the finger at Hayden Davis.
Davis is widely seen as the mastermind behind MELANIA and the Argentine President Javier Milei-backed LIBRA token. According to Bubblemaps, wallets tied to Davis moved $1 million worth of MELANIA tokens via single-sided liquidity, the same tactic he infamously used to extract $100 million in liquidity from LIBRA.
'Hayden may have seen the recent drop in attention as a window to quietly move funds while fewer people were watching,' the blockchain data provider wrote at the time.
Davis' involvement with LIBRA has put him under significant scrutiny, with one Argentine lawyer seeking an Interpol red notice for the controversial crypto entrepreneur's arrest and extradition.
The recent MELANIA sales are concerning, as Bubblemaps highlights that wallets tied to the team control 92% of the token supply.
'The damage isn't done yet,' the firm warned.Unsurprisingly, the recent report of Illicit MELANIA token sales has sparked mixed reactions. While some appear unsurprised, others have gone as far as asking that the first lady be made to answer for her role in the grift.
https://twitter.com/jynxbt/status/1909465356906693031?t=76s9LSSGVaaxuT_rmWc8XA&s=19
Despite the many concerns, MELANIA still appears to have several thousand holders. Specifically, data from Solana blockchain explorer Solscan shows that the token has over 245,000 holders.
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This article Melania Trump's Memecoin Sees Huge Sell-Offs As Team Quietly Cashes Out Millions In Community Funds originally appeared on Benzinga.com
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