According to cryptocurrency onchain data, the developer team of MELANIA, the memecoin launched by US President Donald Trump’s wife Melania Trump, continued to sell large amounts in the last eight days.
The data shows that MELANIA developers have sold 9.99 million MELANIA over the past eight days, worth $4.65 million, both via DCA and one-sided liquidation. In total, since March 16, developers have sold tokens to raise approximately 170,000 SOL, worth $23 million. MELANIA, like many memecoins, operates on the Solana network, while US President Donald Trump’s TRUMP token operates on the Ethereum network.
Despite the TRUMP token’s relative ability to hold its own in the market, MELANIA stands out with its extremely poor performance. The token has fallen 97% from its all-time high in January. TRUMP, on the other hand, is trading at a 83% lower level than its record high. However, TRUMP is among the major altcoins with a market cap of $2.54 billion, while MELANIA has a market cap of only around $200 million.
It is important to remember that both altcoins have completely speculative properties and have almost no use.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/watch-out-developers-keep-selling-large-amounts-of-this-altcoin/