The MELANIA team has sold $4.2 million worth of tokens in the past 25 days. On-chain analysts predict more community tokens will be sold by the team.
According to Lookonchain, the MELANIA (MELANIA) team has been adding and removing liquidity across eight different wallets. Within the past month, the team has swapped 6.72 million tokens for 34,168 SOL (SOL), earning them profit of $4.2 million in total.
On-chain sleuths believe that this is part of an even broader attempt to off-load more tokens from the project’s community funds. On-chain analysis from Bubblemaps shows that the team behind the First Lady’s meme coin has been selling off the community’s tokens over the past few months.
Only a week ago, the team offloaded $2 million worth of tokens from community funds in a single-sided liquidity sale. Bubblemaps alleged that the team has been quietly selling a huge chunk of its tokens without any clear explanation.
“Huge sell-offs on $MELANIA $30M was moved from community funds — and is now being quietly sold, with no explanation from the team,” wrote the account in a recent post.
At press time, the official First Lady meme coin has gone down 0.9% in the past 24 hours and nearly 10% in the past week. The Solana-based token is currently trading hands at $0.51. It recently plummeted to a new all-time low just a day prior, reaching below $0.50 for the first time since its launch.
More MELANIA token sales on the horizon?
On-chain analysis from Bubblemaps revealed that the team has moved 50 million MELANIA, which is worth around $30 million, from community funds to another wallet before it was dispersed across multiple addresses.
Among those addresses, two wallets opened up new positions on-chain worth $6 million each. Not only that, another wallet also sent $3 million worth of crypto funds to exchanges and $500,000 worth of tokens were sold off.
This surge of on-chain activity from team wallets has led the analytics platform to believe the team has plans to off-load more tokens. At the moment, the team currently holds around 92% of the total token supply, according to Bubblemaps.
“No one from the MELANIA team has addressed this. Not the movements. Not the selling. If it’s the team behind it, why stay silent? If it’s Hayden Davis, why hasn’t anyone stepped in?” stated Bubblemaps.
