Key Insights:
Melania Trump promoted MELANIA token after 10 months of silence.
Team wallets allegedly sold $10M in tokens without explanation.
The price of the MELANIA coin has crashed 98% from an all-time high of $13.73 to $0.18.
After a 10-month silence, Melania Trump has returned to social media to promote her Solana-based MelaniaMeme (MELANIA) token, sparking fresh controversy over the project’s transparency. In an AI-generated video posted on X Thursday, Trump called MELANIA “a path into the future,” while tagging the token’s official handle.
Melania Trump's Post | Source: X
The post has reignited criticism over the team’s prior token sales. Blockchain analytics firm Bubblemaps noted that despite the high-profile promotion, Trump did not address over $10 million in community tokens that were allegedly offloaded by team wallets earlier this year.
On April 7, team wallets reportedly moved $30 million in tokens without explanation. By late April, an additional $1.5 million worth of MELANIA tokens was sold in just three days.
Since its January launch, the MELANIA token has been on a downtrend. Its price has collapsed by over 98%, currently trading at $0.18 compared to its $13.73 all-time high, as per CoinMarketCap.
Despite the project’s branding and public figurehead, trust in the token has dropped. Concerns were further amplified by the involvement of Hayden Davis, co-creator of MELANIA and the Libra (LIBRA) token, who is linked to multiple failed memecoin projects.
Davis previously launched a Wolf of Wall Street-themed memecoin that lost 99% of its value in two days due to insider supply manipulation.
The resurfacing of Melania Trump without transparency on past issues has once again stirred skepticism within the crypto community.
It hammers on the need for proper regulation in the crypto sector and builds on past criticism which alleged that the Trump Family was profiting off crypto through market manipulation.
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