Memecoin界的最新爭議將其重點轉移到了Melania項目。

它的加密社區成員為似乎是受控的流動性操縱而引起了人們的注意，這是一種拋售。

The latest chapter in the memecoin saga has crypto community members focused on the $MELANIA project and a claim that the project team has been engaging in a controlled liquidity maneuver—a sell-off, if you will.

Memecoin Saga的最新一章是Crypto社區成員的重點是Melania項目，並聲稱該項目團隊一直在進行受控的流動性操縱，如果您願意的話，這是一個拋售。

Over the past month, the project team has divested 23.45 million $MELANIA tokens and did so in a way that shouldn’t affect the price much. But the team has been rumored to be using sketchy tactics to make it seem like the token is going places when it’s really just, um, not.

在過去的一個月中，項目團隊剝離了2345萬美元的梅拉尼亞代幣，並以不應影響價格的方式做到了。但是有傳言稱該團隊正在使用粗略的策略，使該令牌看起來像是真正的，嗯，嗯，而不是。

Most of the liquidity operations have been conducted from the other side of the price pool, allowing sales of up to 50% of MELANIA without triggering any large-sell alerts. The downside of this approach is that it pushes the price paid for MELANIA up, which is a bummer in the context of this activity being a sale to generate funds to pay for other aspects of the project, like team salaries. So why not sell to the buy side? Because that would trigger a public sell alert on-chain, and no one wants to be perceived as dumping their own project’s token.

大多數流動性運營都是從價格池的另一端進行的，可銷售高達50％的Melania，而無需觸發任何大銷售警報。這種方法的缺點是，它推動了梅拉尼亞（Melania）上漲的價格，在此活動的背景下，這是一個令人沮喪的，是為了為項目的其他方面付費，例如團隊薪水，這是一項銷售的銷售。那麼，為什麼不賣給買方呢？因為那將觸發公共銷售鍊鍊銷售警報，沒有人願意被認為傾倒自己的項目的令牌。

The most recent activity occurred just seven hours ago, when the team transferred another 2.95 million $MELANIA tokens from its reserves and sold this latest batch for 9,009 SOL—which is around $1.2 million.

最近的活動發生在七個小時前，當時該團隊從其儲備中轉移了另外295萬美元的梅拉尼亞代幣，並以9,009 SOL出售了這批最新批次，約為120萬美元。

As with the previous token transfers, this one is being recorded in a pseudonymous fashion and, again, with this latest transfer, liquidity is being added in such a manner that the $MELANIA tokens are being sold in a kind of automated process as they are needed. And what’s really weird is that this was done in a range between a token price of 0.025 and 0.040 SOL.

與以前的令牌轉移一樣，這一轉移以化名方式錄製，並且再次，隨著最新轉移的方式，正在以一種自動化過程以一種自動化的過程出售的方式，以一種方式添加流動性。真正奇怪的是，這是在代幣價格為0.025至0.040 sol之間完成的。

7 小时前，又有 295 万枚 $MELANIA 被项目方以添加单边流动性的形式出售成 9,009 枚 SOL ($1.2M)。

7 小時前，又有295 萬枚$MELANIA 被項目方以添加單邊流動性的形式出售成9,009 枚SOL ($1.2M)。

过去 3 天里，$MELANIA 项目方继续从流动性跟社区地址转出 764.3 万枚 $MELANIA ($3.21M)，然后在 Meteora 上添加到 MELANIA/SOL 单边流动性，将 $MELANIA 在设定区间内出售成 SOL。其中 295 万枚… https://t.co/DCOMFOsGfzpic.twitter.com/zL2rIeTqOB

過去3 天裡，$MELANIA 項目方繼續從流動性跟社區地址轉出764.3 萬枚$MELANIA ($3.21M)，然後在Meteora 上添加到MELANIA/SOL 單邊流動性，將$MELANIA 在設定區間內出售成SOL。其中295 萬枚… https://t.co/DCOMFOsGfzpic.twitter.com/zL2rIeTqOB

— 余烬 (@EmberCN) April 19, 2025

— 餘燼(@EmberCN) April 19, 2025

This is not a singular occurrence. In just three days, the team has moved 7.643 million $MELANIA—about $3.21 million—from liquidity and community wallets. “The tokens were also funneled into unilateral liquidity strategies that are offloading the $MELANIA for $SOL across a defined trading range,” Coindesk writes, referencing an Ocean Falls research report. “In layman’s terms, that means they’re selling $MELANIA for $SOL, but doing it in a way that won’t make the price of $MELANIA tank.”

這不是奇異的發生。在短短三天內，該團隊從流動性和社區錢包中移動了764.3萬美元的梅拉尼亞（約321萬美元）。 Coindesk寫道：“代幣還被匯入單方面的流動性策略，這些策略正在將$ SOL的$ Melania在定義的交易範圍內用於$ SOL。” “用外行的話來說，這意味著他們以$ sol的價格出售$ Melania，但以$ Melania Tank的價格做到這一點。”

Collectively, on-chain records indicate that over the last 30 days, the strategy of offloading $MELANIA has been executed a total of 23.45 million times. This constant sell-side pressure has funneled into accounts holding a cumulative total of 110,000 SOL, now worth around $14.75 million.

總體而言，鏈記錄表明，在過去30天內，卸載$ Melania的策略總共執行了2345萬次。這種持續的賣方壓力已融入了累計總計110,000輛溶膠的帳戶，現在價值約1,475萬美元。

Although this liquidity management isn’t necessarily bad or malicious, it ain’t good, either, when the team behind the project failed to relay just what the hell their intentions were with the gathering of SOL.

儘管這種流動性管理不一定是壞事或惡意，但這也不好，當該項目背後的團隊未能傳達其與SOL聚集的目的是什麼。

Investors and community members are starting to wonder if this liquidity action is a clever way to build a treasury or if it’s really a prolonged exit strategy in disguise.

投資者和社區成員開始懷疑這種流動性行動是否是建立財政部的巧妙方式，還是確實是偽裝的長期退出策略。

The ongoing liquidity injections have yet to make much of a dent in the price, and for this, we can thank the well-practiced team behind the project. They are selling tokens in a way that won’t get too many people too riled up in the short term—spreading sales across liquidity bands so as not to cause big on-chain price movements, for one. It’s almost like they are trying not to distribute the news that they are, in fact, distributing the tokens.

持續的流動性注射尚未使價格陷入困境，為此，我們可以感謝該項目背後的良好團隊。他們以一種不會在短期內使太多人變得太多的人出售代幣，這使跨流動性樂隊的銷售額揭示了，以免引起一個鏈上的大鍊價格變動。這幾乎就像他們試圖不分發他們實際上是分發令牌的消息一樣。

Some community members view this as a treasury strategy that is far from erratic. They see it as an intentional, well-thought-out, and well-planned treasury strategy. They see it as an intentional move to build up reserves. They believe those reserves are going to be used for what I would call traditional development or marketing efforts.

一些社區成員認為這是一種遠非不穩定的國庫策略。他們認為這是一種有意，經過深思熟慮且計劃完好的財政策略。他們認為這是建立儲備的故意舉措。他們認為，這些儲備將用於我所說的傳統發展或營銷工作。

Others, however, see this as an outright betrayal of early supporters—a sellout, if you will. They see refusing to sell tokens as a kind of loyalty oath—and they see violating

但是，其他人則將其視為對早期支持者的徹底背叛，如果您願意的話。他們認為拒絕出售代幣是一種忠誠宣誓，他們認為違反