The MELANIA token has recorded a 5% drop over the past day amid concerns over insider sales and aggressive liquidity shifts.
Token Sales and Liquidity Movements
Over 13 million MELANIA tokens, worth approximately $8.02 million, have been offloaded in the past month. A report by Lookonchain revealed that insider-controlled wallets conducted a series of liquidity adds and removals using SOL trading pairs.
Supply Control and Transparency
According to a report by Bubblemaps, 50 million MELANIA tokens from the community fund were rerouted to insider-linked wallets. Analysts warn that 92% of MELANIA’s circulating supply may be controlled by a limited number of connected entities.
Technical Analysis and Current Trends
The current price of MELANIA/USDT sits at $0.413, near the lower Bollinger Band on the 4-hour Kraken chart. Price action reflects a breakdown from a descending triangle pattern, with no signs of reversal since breaching the $0.48 support.
The situation surrounding the MELANIA token raises investor concerns due to supply centralization and high levels of liquidity controlled by insiders, which may impact the project's credibility.
