Melania Trump's token faces scrutiny as the team cashes out millions, leading to a significant price drop. Is this the end or just a bump in the road?

Melania Trump Token: Price Dump and Team Cashout Raises Eyebrows

Melania Trump's foray into the crypto world with her namesake token ($MELANIA) has hit a snag. A massive price dump, coupled with accusations of a team cashout, has left investors questioning the project's future.

The Great Melania Token Sell-Off

The $MELANIA token's price has plummeted by over 60% in the past two months. Data reveals that the token's team allegedly offloaded a staggering 82.18 million tokens over four months. This wasn't a single whale move; the team spread the sales across 44 wallets to avoid detection, ultimately cashing out approximately $35.76 million worth of SOL.

How Did They Do It?

According to Lookonchain, the team strategically placed open market sell orders while manipulating liquidity on exchanges. This allowed them to discreetly dump their holdings, leaving many investors holding the bag.

Transparency and Credibility Concerns

This isn't the first time insiders have been accused of selling off their tokens. The recent events have raised serious concerns about the project's transparency and credibility. Many are questioning the team's true intentions and whether this was a coordinated scheme from the beginning.

Market Reaction

The market has reacted negatively, with the token experiencing further declines. As of now, $MELANIA is down 5.5% in the last 24 hours, with weekly and monthly prices also in the red, trading at lows of 16.6% and 39.5%, respectively.

What Does This Mean for Melania's Crypto Venture?

The situation surrounding the Melania Trump token is a cautionary tale in the volatile world of cryptocurrency. Whether it can recover from this PR disaster remains to be seen, but the damage to its reputation is undeniable. Maybe stick to NFTs next time?

So, while the team might be enjoying their newfound SOL, the rest of us are left wondering if this crypto experiment was more of a Trump exit strategy than a genuine venture.