Melania insider wallets have become active once again, raising concerns about a potential token dump.
A report from Arkham Intelligence reveals that a flagged wallet recently transferred $1.87 million worth of MELANIA to a fresh address. This wallet initially received 50 million MELANIA, accounting for 5% of the token’s total supply. Previous transactions from the same wallet were later sold on Kraken and Meteora, suggesting that another sell-off may be imminent.
Transaction between the Melania team wallet and a new wallet that received $1.87M MELANIA. Source: Arkham Intelligence
MELANIA insider wallets on the move
According to Arkham’s findings, the MELANIA insider wallet recently sent $1.87 million worth of tokens to a new wallet, signaling possible upcoming sales. The same address previously deposited tokens to exchanges before selling them off. Arkham also highlighted the MELANIA vesting schedule, which unlocks 2.25% of the supply each month. With the project now entering its second month, another wave of selling could be approaching.
Community reactions to the report have been mixed. While some traders remain hopeful, others suspect that another insider dump may be on the way. Many investors fear that these token sales will negatively impact the price, similar to what happened in the past.
Political Meme tokens and their impact on the market
MELANIA is one of several political meme tokens that have gained popularity in recent months. Former President Donald Trump launched the TRUMP token during his pro-crypto campaign, followed by an airdrop to supporters. Shortly after, First Lady Melania Trump introduced MELANIA, causing a shift in the market. Traders quickly moved funds from TRUMP to MELANIA, leading to a sharp decline in TRUMP’s market cap.
The price of MELANIA rose by 24,000% until it reached $13 before dropping 80% of its value. The swift price drop caused people to worry about how tokens were distributed and if insiders were responsible. Javier Milei, the president of Argentina, chose to support the LIBRA token, among various other political leaders who adopted this trend. Internal wallets owned by LIBRA stakeholders caused an 80% price collapse, which occurred when they dumped $107 million worth of tokens.
Solana ecosystem affected by Meme token sell-offs
Political meme tokens have created a remarkable effect on the Solana network infrastructure. Traders assessing the situation determined that TRUMP MELANIA along with LIBRA dismantled between $3.6 billion and $6.6 billion from the blockchain network. The LIBRA token caused at least $250 million dollars in withdrawals. The value of CAR token issued by the Central African Republic president plummeted dramatically right after its market release.
The market sell-offs have caused Solana-based tokens to deteriorate in trustworthiness. Since launch, active SOL network activity has shown a downward trend accompanied by a 40% decrease in SOL price and falling user accounts. Investors remain hesitant because meme tokens continue to launch and fail destructively.