A wave of heavy sell-offs linked to the team behind the Melania meme coin (MELANIA) has raised fresh concerns about insider activity within the project.

These activities have contributed to the token’s value dropping to an all-time low, a staggering 97% down from its all-time high on Trump’s inauguration day back in January.

Heavy Insider Selling Sends MELANIA to Historic Low

On April 19, on-chain analyst EmberCN reported that wallets tied to the project offloaded nearly 3 million MELANIA tokens.

In return, the team received approximately 9,009 SOL, valued at around $1.2 million. The tokens were sold through unilateral liquidity provisions added to the MELANIA/SOL trading pair on Meteora.

This transaction is part of a broader pattern. In the past three days, the MELANIA team reportedly moved 7.64 million tokens, worth about $3.21 million, from both liquidity and community wallets.

The team systematically added these tokens to the same liquidity pool and sold them for SOL within a pre-defined price range. Out of the total, they sold 2.95 million tokens just hours before EmberCN’s disclosure.

“In the past 3 days, the $MELANIA project team has continued to transfer out 7.643 million $MELANIA tokens ($3.21M) from liquidity and community addresses, then added them to MELANIA/SOL one-sided liquidity on Meteora, selling $MELANIA within a set range for SOL. Of which, 2.95 million $MELANIA tokens were sold 7 hours ago for 9,009 SOL,” EmberCN stated.

EmberCN further pointed out that the project’s team has sold over 23 million MELANIA tokens in the past month. The tokens were worth approximately $14.75 million.

These repeated sell-offs have added weight to concerns over internal dumping—suspicions that first emerged in March.

At the time, blockchain analytics firm Bubblemaps reported unusual movements of over $30 million in MELANIA tokens. Originally part of the community allocation, the tokens appeared to be gradually transferred to exchanges without explanation.

The firm linked these transactions to Hayden Davis, a co-founder of the meme coin. Davis previously worked on another controversial token, LIBRA, which briefly surged after Argentine President Javier Milei endorsed it, then quickly collapsed.

Bubblemaps also revealed that wallets tied to the MELANIA team control roughly 92% of the token’s total supply. Critics argue that this level of centralization raises red flags over potential market manipulation.

As a result of these concerns, MELANIA has seen its price collapse. After reaching a high of over $13 earlier this year, the token has dropped by over 96% to an all-time low of $0.38, according to data from BeInCrypto.

However, the steep decline reflects both internal turmoil and broader weakness in the meme coin sector. Investor appetite for high-risk tokens appears to be fading amid global uncertainty and a more cautious market sentiment