A recent analysis by blockchain tracker Lookonchain has revealed massive sales of $MELANIA tokens, sparking concerns among crypto investors.
Volume of $MELANIA Token Sales
Lookonchain reported that 82.18 million $MELANIA tokens, representing 8.22% of the total supply, were sold by 44 wallets over the past four months. These transactions, executed across decentralized exchanges, netted 244,934 $SOL, equivalent to $35.76 million.
Liquidity Manipulations in DeFi
Most of the $MELANIA tokens were sold through adding and removing liquidity. Liquidity pools, a cornerstone of decentralized finance (DeFi), allow traders to influence token prices, which can lead to significant profits, leaving smaller investors vulnerable.
Crypto Community Reaction to the Situation
Discussion on the platform X shows mixed reactions; some label the situation a 'beautiful scam', while others question the potential involvement of the Trump family. This incident confirms broader concerns about unregulated meme coins, highlighted in SEC reports from 2023.
The situation surrounding $MELANIA tokens underscores the need for stronger regulatory oversight in the volatile world of meme coins, while experts advise investors to conduct thorough research before engaging in the market.
