MELANIA Token Plummets as Devs Dump $18M—Another ’Trust Us, We’re Hodling’ Promise Bites the Dust
Solana’s latest meme coin MELANIA nosedives 60% after blockchain sleuths catch developers unloading $18 million worth of tokens. The ’rug pull’ accusations fly as wallets linked to the team dump tokens mid-rally—just another Tuesday in crypto.
Tokenomics or exit strategy? On-chain data shows the dev wallets moved coins to Binance in three suspicious batches, crashing liquidity. The team claims it’s ’just rebalancing’—a phrase that’s becoming the ’dog ate my homework’ of Web3.
Meanwhile, retail traders who bought the ’political meme coin’ narrative now hold bags heavier than a White House press secretary’s briefing book. The episode serves as yet another reminder: in crypto, the only ’stable’ relationship is between founders and their profit-taking schedules.
MELANIA Token Sales (Source: X/EmberCN)
EmberCN revealed that the token sales were executed through a method known as unilateral liquidity provisioning. This approach allows sellers to convert tokens into crypto, often without requiring a buyer on the other end.
Meanwhile, the actions appear to have put significant downward pressure on the token’s value.
According to CryptoSlate’s data, MELANIA, which peaked at over $13 after its launch earlier this year, dropped more than 96% to an all-time low of $0.38 on April 20.
Despite the dramatic drop, MELANIA has shown a slight rebound. As of press time, the token’s price has recovered around 14%, trading at approximately $0.5223.
