Knowledge from Lookonchain has revealed that the Solana-based MELANIA memecoin crew has bought over 8% of its complete provide up to now 4 months.
In line with the blockchain analytics platform, wallets tied to the MELANIA crew offloaded 82.18 million tokens, equal to round 8.2% of the token’s complete 1 billion provide, between March and June.
These tokens have been transformed into 244,934 SOL, value roughly $35.76 million on the time of sale.
Lookonchain identified that the transactions have been carried out throughout 44 separate wallets and have been primarily by liquidity modifications on decentralized exchanges.
Notably, considerations about insider buying and selling first emerged in March when wallets related to the MELANIA undertaking reportedly moved 31.685 million tokens from group and liquidity swimming pools inside a month.
Since then, the crew has gone on a constant promoting spree that has exerted vital downward stress on the asset’s worth.
In line with CryptoSlate’s information, MELANIA’s token value has since plummeted by over 98%, falling from a peak of greater than $13 earlier this yr to simply above $0.20 at press time.
In the meantime, hopes of the undertaking’s crew reducing their promoting exercise stay slim as a result of blockchain information supplier Bubblemaps reported that over 90% of the MELANIA token provide is held by wallets suspected to belong to the undertaking’s insiders.
