The cryptocurrency market has been experiencing a significant shakeup as the team behind the Melania meme coin, also known as $MELANIA, conducted another sizable token selloff. Over the past eight days, the team dumped approximately 9.99 million $MELANIA tokens, an equivalent of roughly $4.65 million.
This sale was conducted in a measured manner using unilateral liquidity and DCA (dollar-cost averaging) methods, as explained by on-chain analyst Ember CN. This move is part of an ongoing selling trend that was initiated over a month and a half ago by the team.
Since March 16, the project team has been busy transferring a staggering 41.675 million MELANIA tokens from community and liquidity addresses. The team has since begun the process of converting these tokens into Solana (SOL), a significant player in the cryptocurrency market. This massive selloff has yielded the team an impressive 170,000 SOL, which, at current market rates, is valued approximately at $23.063 million. The conversion rate at the point of sale was an average of $0.55 per $MELANIA token.
The conversion process was meticulously detailed by the analyst, who noted that the team had adopted a strategy of gradually selling the SOL to convert it into USDC. This conversion was then transferred to other chains or withdrawn. This method indicates a well-thought-out liquidation strategy as opposed to random selling.
However, the continuous selloffs have not been without consequence for the $MELANIA token. There has been a substantial drop in the token’s market price. Data shows a 5.3% drop in the past 24 hours and a more alarming 32.1% drop over both the 7-day and 30-day periods. The token is now a whopping 97.1% below its all-time high of $13.05, reached on January 20, 2025.
The Melania token, which is associated with former First Lady Melania Trump, initially gained popularity during the meme coin buzz that surrounded political figures and the Official Trump (TRUMP) meme coin. However, the continuous selling pressure from the project team has raised concerns about the token’s long-term sustainability and the team’s dedication to the project.
As of the last check on Saturday, the $MELANIA token was down by another 7.1% over the previous 24 hours, marking a period of turbulence for this controversial token.
