The “Official Melania Meme” coin, once launched with the backing of former First Lady Melania Trump, has taken a massive hit. Built on the Solana blockchain, the token has crashed nearly 96% from its all-time high, raising serious questions about insider activity and mismanagement.

From the start, the MELANIA token drew comparisons to Donald Trump’s “OFFICIAL TRUMP” coin. But doubts around its purpose, tokenomics, and credibility surfaced early — and they’ve only grown louder. Now, fresh reports are pointing to internal sell-offs that may have drained millions from the project’s community fund.

Last week, blockchain analytics firm Bubblemaps revealed that around 50 million MELANIA tokens — valued at roughly $30 million — were moved out of the community fund and into insider wallets. Of that, around $3 million reached exchanges, and $500,000 has already been dumped, causing further price drops. 

Just a week and a half ago, another $2 million was pulled from MELANIA liquidity pools. About $1 million of that landed on exchanges. The person linked to these transactions is Hayden Davis, the same figure tied to Argentina’s LIBRA token, which faced a similar backlash.

What’s more concerning is that wallets associated with the project team reportedly control 92% of the token’s total supply. That kind of control has sparked major fears of manipulation, especially as Bubblemaps warned, “The damage isn’t done yet.”

The coin is now trading at $0.4471 after dropping 35.04% over the past month, 19% in the last week, and 8% in just 24 hours. Its market cap has fallen to $242.05 million, down 7.67%, while daily trading volume slipped 3.08% to $17.88 million. It’s also tumbled way down the global rankings, now sitting at #158.

What once launched as a bold, politically-charged meme coin has quickly turned into a case study in overhype, lack of transparency, and the risks that come with insider-heavy control.

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