Bubblemaps, a blockchain tracking company, reported that over $30 million worth of Melania Meme (MELANIA) tokens were moved and sold quietly.
The token, linked to US First Lady Melania Trump, runs on the Solana
$106.43
network.
The tokens were taken from wallets meant for the community. According to an April 7 post on X, Bubblemaps found that 50 million tokens were first sent to one wallet, marked “Cq2Tj6”, before being split into several others.
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Additionally, more than $3 million was sent to crypto exchanges. Two new wallets received $6 million each, and $500,000 has already been sold.
According to Bubblemaps, neither the project’s team nor Hayden Davis, the person behind the token’s launch, has explained what happened. Bubblemaps said on X:
No one from the MELANIA team has addressed this. Not the movements. Not the selling.
On March 28, there was another $2 million sale. Bubblemaps explained that the method used was similar to one seen in February during the collapse of another token, LIBRA — a project also linked to Davis.
Team wallets are said to hold 92% of all MELANIA tokens. This has raised concerns that regular buyers have little protection if the people in charge decide to move more funds without notice.
On 6 April, the REAL token, a cryptocurrency project linked to former UFC champion Conor McGregor, announced plans to return funds to investors. What did the team say about it? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
