The crew behind US first girl Melania Trump’s memecoin, Melania Meme (MELANIA), has moved $30 million value of the token out of the challenge’s group funds and has begun promoting them, says blockchain analytics agency Bubblemaps.
Bubblemaps said in an April 7 X submit that fifty million MELANIA tokens value round $30 million “was moved from group funds — and is now being quietly bought, with no clarification from the crew.”
It added the tokens had been moved to a single pockets earlier than being “break up throughout a number of addresses.” From there, Bubblemaps stated $3 million value had been transferred to exchanges, two new $6 million positions had been opened, and $500,000 value of MELANIA was bought.
Supply: Bubblemaps
“Nobody from the MELANIA crew has addressed this. Not the actions. Not the promoting,” it added.
Bubblemaps stated that 92% of MELANIA’s provide is held by “crew wallets” and claimed that “the harm isn’t performed but.”
MELANIA freefalls from peak excessive
The MELANIA token was launched on Jan. 19, a day after Donald Trump launched his personal memecoin and a day earlier than he was as a consequence of re-enter the White Home.
The token has basically misplaced all its worth since launch and is down over 96% from its January excessive of over $13, and is buying and selling at $0.51 — down over 7.5% within the final day, according to CoinGecko.
Bubblemaps said final month that it discovered that Hayden Davis, who stated he helped create MELANIA, had began “covertly promoting $MELANIA tokens through single-sided liquidity.”
Associated: Libra, Melania creator’s ‘Wolf of Wall Street’ memecoin crashes 99%
The agency claimed Davis had additionally used the tactic to quietly promote LIBRA, a memecoin he additionally copped to creating that was shared by Argentine President Javier Milei, which prompted a political scandal after the token’s worth cratered.
Curiosity in memecoins has not too long ago waned amid a wider market rout with data from Dune Analytics in March discovering that the variety of tokens graduating from Solana-based memecoin launchpad, Pump.enjoyable, had dropped by over two-thirds since January, falling from 5400 per week to simply 1500.
The full variety of tokens launching on Solana can also be down, with data from SolScan displaying solely 31,651 launched on April 5, lower than one-third of the 95,578 created on the peak of the memecoin frenzy this yr on Jan. 26.
Journal: Memecoins are ded — But Solana ‘100x better’ despite revenue plunge
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