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
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.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
What is Fantom? | Animated FTM Explainer
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.
