The Melania Meme cryptocurrency, backed by former First Lady Melania Trump, has experienced a catastrophic decline of nearly 96% from its all-time high, raising serious concerns regarding insider activity and project management.
Collapse of Melania Meme
Since its launch, the MELANIA token has sparked much discussion, particularly in comparison to the 'OFFICIAL TRUMP' coin. However, doubts regarding its purpose, tokenomics, and credibility emerged early on, and the token has seen a decline of 35.04% in less than two weeks.
Internal Sales and Manipulations
Recent data from the analytics firm Bubblemaps revealed that around 50 million MELANIA tokens, valued at approximately $30 million, were moved from the community fund into insider wallets. The association with Hayden Davis, who previously dealt with the LIBRA token in Argentina, raises suspicions about manipulations. The long-term control of wallets by the project team, responsible for 92% of the total token supply, also alarms market participants.
Current Market Situation
The current price of the token is $0.4471, and its market capitalization has fallen to $242.05 million, representing a decline of 7.67%. What was once seen as a promising project is now viewed as a case of overhyping and lack of transparency.
The situation surrounding the Melania Meme token highlights how rapidly evolving cryptocurrency projects can face issues due to internal management and lack of transparency, making it an interesting case for analysis moving forward.
