The team behind the MELANIA memecoin is continuing the sell-off of its tokens, raising concerns among investors.
MELANIA Token Sell-Off
The team behind MELANIA has sold an additional 12.685 million tokens worth $5.41 million. According to EmberCN, they added unilateral liquidity to the MELANIA/SOL liquidity pool and withdrew SOL. This latest sale follows nearly $15 million worth of previous sell-offs. Since March 16, the team has sold and transferred 31.685 million MELANIA tokens, accumulating 138,800 SOL worth $18.41 million.
Surge in Token Value
Interestingly, despite the ongoing sell-offs, the value of MELANIA has surged over the past 24 hours. According to CoinMarketCap, the token gained over 15%, rising from $0.4536 to $0.5365. Although the price has since dropped to $0.5217, it is still up nearly 30% over the last week. The rise in value is attributed to the announcement that president Donald Trump would host a dinner with the top 220 holders of the TRUMP memecoin, benefiting MELANIA.
Outlook for MELANIA Token
However, despite the recent gains, MELANIA is trading significantly below its peak value, which was $13.05, marking a 96% drop at current prices. The likelihood of returning to previous highs seems slim, especially as interest in memecoins continues to wane. Its counterpart, TRUMP, also faces issues, as it is still 81% below its all-time high, despite a significant trading volume increase.
Overall, the ongoing sell-off of MELANIA tokens raises concerns among investors, while recent gains in value may be short-lived. The prospects for recovering previous highs appear doubtful.
