Melania Trump's meme coin sparks confusion online with latest development

Melania Trump's meme coin has been 'quietly sold' for $30 Million in tokens amid stock market saga, according to reports.

The First Lady's coin tanked just weeks after it was launched in January

Initially hailed as a promising entrepreneurial venture, the reality is now grim for Melania Trump's meme coin, which has been 'quietly sold' off in a $30 million token deal amid stock market frenzy.

The Financial Times has since reported that some people who bought $2.6 million of the tokens and flipped them within days for about $100 million.

They also reported that 24 wallets bought $MELANIA just minutes before the existence of the coin was announced, sparking some confusion and speculation online.

Following the first lady's meme coin crash mere weeks after its January introduction, its peak value reached $13.69 on January 20. Since then, however, the cryptocurrency has faltered, with her $Melania coin tumbling to a low of $0.8412 by February 26, marking a consistent fall that began on its market debut afternoon.

This had led to people believing that the coin is now a scam, but according to reports by Bubblemaps, Melania’s coin was quietly disposed of for a hefty $30 million and they detailed the transaction process on X.

They explained that an aggregation of 50 million Melania tokens were initially transferred to wallet "Cq2Tj6," and subsequently distributed among various addresses. Over $3 million flowed to centralized exchanges, two fresh $6 million positions emerged, and sales of $500,000 have already taken place.

This revelation might be disappointing news for the Amazon best-selling author and businesswoman Melania, who launched this new initiative last January.

Only one month later, it was reported in February that the coin's value had significantly diminished.

The CoinMarketCap website indicates that the total value of her enterprise has now plummeted to $464.19M from a high of approximately $1.7 billion at its inception.

Meme coins, the crypto industry's peculiar and highly unstable sector, typically begin as humorous ventures without intrinsic worth but can experience astronomical price surges if they attract enough buyers.

Detractors dismiss meme coins as mere Ponzi schemes that line the pockets of select insiders and certain disreputable celebrities, whereas fans maintain that these digital currencies could herald early developments in how future online financial transactions and activities might be transformed.

Donald Trump, in particular, has embraced cryptocurrency ventures with zeal. His eponymous Trump meme coin saw its value soar to close to $70 shortly after it was launched, only to decline to about $12 later on.

Most recently, a race to win tickets to an exclusive crypto dinner gala with Trump at his private golf club in Virginia ended with the top 220 holders of the Trump meme coin securing invitations to the black-tie gala.