Blockchain Analysts Reveal Major MELANIA Token Transfers
The team behind Melania Meme (MELANIA), a memecoin launched with ties to former First Lady Melania Trump, is facing scrutiny after reportedly moving $30 million worth of tokens from community funds. Blockchain analytics firm Bubblemaps uncovered the transactions and shared the findings in an April 7 post on X (formerly Twitter).
According to Bubblemaps, 50 million MELANIA tokens were transferred to a single wallet and then distributed across several others. From there:
- $3 million worth of MELANIA was sent to cryptocurrency exchanges.
- Two new positions, each valued at $6 million, were created.
- Approximately $500,000 in tokens were sold on the market.
Silence from MELANIA Team Raises Red Flags
Neither the MELANIA development team nor Hayden Davis—previously identified as one of the token’s creators—has addressed the controversy or explained the recent transfers. This isn’t the first time the project has been under the microscope. In March, Bubblemaps accused Davis of secretly selling MELANIA using single-sided liquidity methods.
Launched on January 19, 2025, the MELANIA token surged briefly before crashing by over 96%, falling from a peak of more than $13 to around $0.51. Bubblemaps also noted that 92% of the token’s total supply remains in wallets controlled by the team, adding to concerns about the potential for more undisclosed activity.
Broader Memecoin Market Faces Decline
The MELANIA token scandal comes amid a broader downturn in the memecoin space. Data from Dune Analytics in March revealed a 66% drop in tokens graduating from the Solana-based memecoin platform Pump.fun since January. SolScan also reported a noticeable dip in the launch of new tokens on the Solana network.
These shifts highlight a fading appetite for high-risk, hype-driven crypto projects.
A Stark Reminder of Memecoin Investment Risks
The MELANIA debacle is a cautionary tale for crypto investors. It underscores the inherent volatility of memecoins, especially those lacking transparency and genuine utility. As always, investors should proceed with extreme caution and perform thorough due diligence before jumping into speculative assets.
