Melania Meme Coin Team Sells Off 9.99 Million Tokens | Sparks Controversy
The Melania meme coin team has liquidated 9.99 million tokens in just eight days, netting 170,000 SOL (roughly $170,000). This rapid selloff has raised eyebrows, igniting doubts about the team’s long-term commitment and the coin's viability as its price plummets.
Context of the Selloff
This liquidation follows a month-long trend, with the token down 97.1% from its all-time high. Many in the community have started labeling it as a scam, contributing to an already negative sentiment surrounding meme coins and their role in the crypto space.
Key Themes from the Community
Doubts about Legitimacy
People are asking critical questions about the project’s long-term plans. One user remarked, "This was 100% clearly a scam."
Concerns over Political Ties
In a recent comment, a user referenced Vitalik Buterin, stating, "Large-scale political coins are vehicles for unlimited political bribery, including from foreign nation states."
Criticism of Price Drop Trends
Several users observed that the coin's price drop follows a steady trend without sudden volatility. "This coin's price drop has been a consistent slow drop week after week," said one commentator.
Sentiment Patterns
Responses from the community lean heavily negative, showcasing concerns and frustrations about the token’s impact on the broader cryptocurrency landscape.
Important Takeaways
△ 170,000 SOL raised from the sale of 9.99 million tokens.
▽ 97.1% decline in token value from its highs.
※ "People lose money it makes me happy," – expressing disdain for the cycle of scams.
※ "Let’s see how long before the same happens with Trump coin," highlights skepticism.
Looking Ahead
As scrutiny on the Melania token intensifies, it’s uncertain how much longer it can tread water in its current state. Will it prompt increased regulatory oversight in the meme coin sector? Only time will reveal the outcome.