The First Lady of the United States, Melania Trump, has resumed the promotion of the memecoin MelaniaMeme (MELANIA) through her social media channels this Thursday. Her return comes after months of silence and at a critical moment, as the project faces serious allegations regarding million-dollar token sales by its team. The Blockchain analytics platform Bubblemaps has been a primary source in pointing out these irregularities, questioning the project’s lack of transparency.
A Promotion That Fails to Clear Doubts
The promotion was carried out via an artificial intelligence-generated video posted on the social network X, presenting the token as the “path to the future.” However, this action has not eased the community’s concerns. Industry analysts quickly pointed out that the video completely ignores the allegations. “Melania Trump won’t discuss the $10 million in community tokens sold by team wallets,” Bubblemaps stated in a post, emphasizing that the promotion comes after ten months of public inactivity on the project.
According to on-chain data, in addition to that sale, the development team allegedly liquidated another $1.5 million in tokens during the three days leading up to April 28. The crypto intelligence platform Lookonchain analyzed the selling patterns, suggesting the team used a dollar-cost averaging (DCA) strategy. These actions have had a devastating impact on the asset’s economy, with its value plummeting by 98% from its all-time high, currently trading at minimal levels
A Troubling Pattern in the Project?
The context behind the token adds more layers of concern. One of MELANIA’s co-creators is Hayden Davis, who was also behind the Libra (LIBRA) token. That project collapsed after internal wallets withdrew over $100 million in liquidity, causing massive losses. The involvement of figures with a controversial history raises alarms and casts doubt on the long-term viability of the memecoin promoted by the First Lady. The situation highlights the risks of the speculative market for memecoins.
The case of Melania Trump and the MELANIA memecoin is a stark reminder of the volatility and dangers in the meme cryptocurrency niche. An endorsement from such a high-profile public figure does not guarantee a project’s safety or legitimacy. The lack of answers to the serious accusations and the development team’s history leave the token’s future in a very precarious position, serving as a lesson for investors on the importance of thorough research.
