Meme Coins Have Increased by 12%, Yet the MELANIA Team Has Withdrawn Over $30 Million From the First Lady’s Token
Distributed database analysis company Bubblemaps has unveiled the group behind US First Lady Melania Trump’s memecoin, MELANIA. They detected the team transferring $30 million in tokens out of the project’s community fund and then selling them off.
In a post on X dated April 7, Bubblemaps indicated that 50 million MELANIA tokens, valued at about $30 million, “were moved from community funds — and are now being sold off discreetly, with no clarification from the team.”
1/ Massive sell-offs on $MELANIA
$30M was moved from community funds —
and is currently being sold quietly, with no response from the team
pic.twitter.com/UbhAqiiW61
— Bubblemaps (@bubblemaps) April 7, 2025
No Resolution in Sight for the Suspicious Activities Surrounding the MELANIA Coin
Bubblemaps detailed the latest developments in the MELANIA situation. They reported that the tokens were first moved to a single wallet and then redistributed across various addresses.
Subsequently, $3 million worth was sent to exchanges, two new positions of $6 million each were opened, and $500,000 worth of MELANIA was sold. “No one from the MELANIA team has acknowledged this. Neither the transfers nor the sales,” Bubblemaps noted.
This recent activity follows Bubblemaps’ earlier revelation in March about the MELANIA team “covertly selling MELANIA tokens through single-sided market fluidity.”
Hayden Davis, involved in the creation of the First Lady’s memecoin, was identified as having taken $2 million from the MELANIA available volume pools.
Bubblemaps collaborated closely with scam investigator Coffeezilla to expose Davis, who was also behind the LIBRA rug pull. Davis has profited millions through the rug pulls of both LIBRA and MELANIA, resulting in an Interpol Notice.
While MELANIA and LIBRA are his most visible scams, Bubblemaps connects Davis to numerous other rug pulls, all leading to significant financial gains for the serial scammer.
Alarmingly, Bubblemaps indicates that 92% of MELANIA’s total supply remains in team wallets, asserting that “the damage is far from over.”
The MELANIA token launched on January 19, just a day after Donald Trump introduced his own meme crypto token, TRUMP, and the day before his second inauguration as US President.
According to CoinGecko, the First Lady’s meme crypto token has nearly lost all its value since its inception and is down 96% from its early January peak of over $13. It is currently priced at $0.51, reflecting a drop of over 9% in the past week.
MELANIA reached a peak crypto market cap of nearly $2 billion in January, but its ongoing decline has reduced its trading market cap to just $77 million.
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Overall Sentiment in Memecoins is Rising: Up 12% Today
Setting aside overt scam coins like MELANIA for a moment, the meme crypto token crypto market is experiencing a revival. The broader trading market has seen a robust rebound following President Trump’s 90-day tariff pause update, and memes, particularly, are back in focus.
Interest in meme coins had hit an all-time low amid a crypto market downturn, with data from Dune Analytics in March confirming a decline in tokens graduating from the Solana meme token launchpad, Bull run.fun, which fell by over two-thirds since January, dropping from 5400 weekly to merely 1500.
The total tokens launched on Solana have also decreased, with SolScan data showing only 31,651 tokens launched on April 5, which is less than one-third of the 95,578 created at the peak of the meme coin craze this year on January 26.
Nevertheless, data from CoinGecko reveals that the meme crypto token sector has grown 12% in the past 24 hours. The aggregate crypto market cap for meme coins is edging back toward $50 billion, currently standing at $47.4 billion.
FARTCOIN is among the leading daily gainers in the meme token realm, having increased by over 30% since yesterday. The official Trump meme token, TRUMP, has risen by more than 5% as investors flock to the token associated with the trading market recovery.
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The post Meme Coins Are Up 12% But The MELANIA Team Have Rug Pulled Over $30m From The First Lady’s Coin appeared first on 99Bitcoins.
