MELANIA Developers Continue Large-Scale Token Sell-Off, Prompting Market Concerns

Onchain data reveals that developers of MELANIA, a memecoin associated with Melania Trump, have sold 9.99 million tokens worth $4.65 million over the past eight days. Since March 16, developer sales have raised 170,000 SOL (approximately $23 million). MELANIA, built on the Solana network, has suffered a 97% decline from its January all-time high, with its market cap now around $200 million. In contrast, the TRUMP token on Ethereum, while also down 83% from its peak, maintains a significantly higher market cap of $2.54 billion. Both tokens are highlighted as purely speculative, lacking substantial use cases.