Data from Lookonchain has revealed that the Solana-based MELANIA memecoin team has sold over 8% of its total supply in the past four months.
According to the blockchain analytics platform, wallets tied to the MELANIA team offloaded 82.18 million tokens, equivalent to around 8.2% of the token’s total 1 billion supply, between March and June.
These tokens were converted into 244,934 SOL, worth roughly $35.76 million at the time of sale.
Lookonchain pointed out that the transactions were carried out across 44 separate wallets and were primarily through liquidity changes on decentralized exchanges.
Notably, concerns about insider trading first emerged in March when wallets associated with the MELANIA project reportedly moved 31.685 million tokens from community and liquidity pools within a month.
Since then, the team has gone on a consistent selling spree that has exerted significant downward pressure on the asset’s value.
According to CryptoSlate’s data, MELANIA’s token price has since plummeted by over 98%, falling from a peak of more than $13 earlier this year to just above $0.20 at press time.
Meanwhile, hopes of the project’s team cutting their selling activity remain slim because blockchain data provider Bubblemaps reported that over 90% of the MELANIA token supply is held by wallets suspected to belong to the project’s insiders.
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