Melania Trump’s Memecoin Team Moves $30M in MELANIA Tokens, Bubblemaps Claims

The team behind Melania Trump’s memecoin, Melania Meme (MELANIA), has moved $30 million worth of tokens out of the project’s community funds, according to blockchain analytics firm Bubblemaps. In a tweet posted on April 7, Bubblemaps revealed that 50 million MELANIA tokens, valued at around $30 million, had been quietly transferred from the project’s community wallet.

Bubblemaps tracked the movement of these tokens, noting that they were initially moved to a single wallet before being split across multiple addresses. From there, the firm reported that approximately $3 million worth of MELANIA tokens were sent to exchanges, two new positions worth $6 million were opened, and $500,000 worth of tokens were sold. Despite this significant activity, neither the MELANIA team nor Hayden Davis, who claimed to have helped create the token, have provided any clarification or explanation regarding these transactions.

Bubblemaps further highlighted that 92% of the total supply of MELANIA tokens is held by “team wallets,” which raises concerns about the concentration of control over the token. The firm warned that the situation may not be over, suggesting that more token movements or sales could occur in the future without explanation.

MELANIA Token’s Dramatic Value Decline

Since its launch on January 19, the MELANIA token has experienced a sharp decline in value, falling over 96% from its January high of over $13 to its current price of $0.51. The token, which was launched a day after Donald Trump introduced his own memecoin and a day before he was set to return to the White House, has seen little to no recovery in the months since.

Source: Bubblemaps

Bubblemaps also pointed out that last month, Hayden Davis, who claimed involvement in the creation of MELANIA, had been found “covertly selling” MELANIA tokens through a technique known as single-sided liquidity. This method was also reportedly used by Davis in connection with his previous memecoin, LIBRA. The LIBRA token, which was endorsed by Argentine President Javier Milei, caused a political scandal when its value collapsed.

Fading Interest in Memecoins

The latest developments surrounding MELANIA come as interest in memecoins continues to wane, especially amid a broader market downturn. According to data from Dune Analytics in March, the number of memecoins launching on the Solana blockchain has decreased significantly. The number of tokens being launched on the Solana-based memecoin launchpad Pump.fun dropped by more than two-thirds, falling from 5,400 per week in January to just 1,500 in March.

The overall number of tokens launched on Solana also saw a decline, with just 31,651 tokens launched on April 5—less than one-third of the 95,578 created during the peak of the memecoin craze on January 26.

Ongoing Concerns

The series of unexplained token movements and the continuing loss of value for MELANIA raise questions about the project's transparency and the future of the memecoin. As memecoin projects become increasingly volatile and speculative, investors and the broader crypto community are left to wonder about the long-term viability of tokens that rely on celebrity branding and community hype.

With no official statements from the MELANIA team or Hayden Davis, the project continues to face scrutiny. The lack of communication has only intensified concerns, especially as the price of MELANIA remains in freefall, and broader market conditions show little sign of improvement for speculative assets.