The team behind the Melania Meme (MELANIA) token, associated with U.S. First Lady Melania Trump, has transferred $30 million worth of the token from its community funds and has begun selling them, according to blockchain analytics firm Bubblemaps.
In a post on April 7, Bubblemaps revealed that 50 million MELANIA tokens, valued at approximately $30 million, were moved out of the project’s community funds. The tokens were then transferred to a single wallet, subsequently being split across multiple addresses.
From there, the firm observed that $3 million worth of tokens were moved to exchanges, while new positions of $6 million each were opened. Additionally, approximately $500,000 worth of MELANIA tokens were sold.
Bubblemaps highlighted that no explanation or statement has been provided by the MELANIA project team regarding these actions. The blockchain analytics firm noted the lack of transparency about both the movement of tokens and the ongoing sales.
Concentration of MELANIA Token Supply in Team Wallets
Bubblemaps also pointed out that a significant portion of MELANIA’s total supply, approximately 92%, is held by “team wallets.” The firm warned that the situation may worsen, signaling that the full impact of these activities may not have unfolded yet. The recent developments have raised concerns within the crypto community about the token’s future, as well as the transparency of the project’s management.
The movement of such a large sum, alongside the selling of tokens, has caused alarm, especially due to the lack of clarity provided by the MELANIA team. As of now, the project’s stakeholders and the broader community are awaiting any official response or clarification.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/melania-trumps-memecoin-team-moves-30-million-worth-of-melania-tokens-and-started-selling-them/