Following heavy sales of Melania tokens (MELANIA) by project team members, concerns have risen about secretive and suspicious activities. These actions have caused the price of this meme coin to plummet by over 97% from its historical peak, reaching its historical low of around $0.37. EmberCN, a Chinese analyst, reported that the project team’s wallets sold approximately 3 million Melania tokens and received around 9,009 Solana (SOL) worth approximately $1.2 million in return. In total, in the past three days, the project team transferred about 7.64 million tokens worth approximately $3.21 million from cash wallets and the community to the liquidity pool and then sold them. Only 2.95 million tokens were sold a few hours before the information was disclosed by EmberCN. According to this analyst, the project team has sold over 23 million Melania tokens worth about $14.75 million in the past month. These actions have intensified suspicions of market manipulation by insiders, a topic first raised in March by the Blockchain Analysis Company Bubblemaps. At that time, Bubblemaps announced that wallets associated with the project team hold about 92% of the total token supply. The company also linked Hyde Davis, the project’s co-founder, to these activities; an individual who was also involved in the controversial Libra (LIBRA) project before. On the real-time digital currency price page, you can see the prices of all tokens and cryptocurrencies live and in real-time.
