After gaining heavy popularity and multiple highs, the Melania meme coin struggles with losing investors’ interest. Today marks a notable moment as the token hit an all-time low after a crypto whale off capitalized, mass selling the tokens. This concerns not only the Melania token’s credibility but also its price performance. Let’s discuss what’s happening.
Crypto Whale Profits $42.7M With Melania Meme Coin Sell
According to the Lookonchain X post, a crypto whale has sold its massive Melania meme coin holdings, crashing the token’s price. The whale initially spent 2,500 SOL, equivalent to $688k, to buy 4.1M MELANIA a few days ago. However, the whale benefited from the ongoing hype, selling a significant portion from time to time but strategically. The whale bought these tokens at an average price of $0.13 but sold them at $8.34, making $43.7M in profits.
The whale first sold 203k MELANIA for 2.14M USDC three days ago and left 5M, which it sold today. However, the same 5M worth of tokens were worth much higher earlier and decreased over time with price drops. The whales’ selling led to the token hitting an all-time low.
Melania Coin Price Hits All-Time, What’s Next?
The crypto whale made millions in profits but triggered the sell-off today. The CoinmarketCap data shows a 50% drop in its trading volume, currently at $309.43M. This represents the investors losing interest in this crypto token. As a result, the Melania meme coin price dropped 32% today, reaching an all-time low of $2.57 moments before reporting. With this, the token had declined 80% from its prime of $13.73, concerning investors.
Melania took over the crypto market right after its launch due to being the official cryptocurrency of FOTUS. However, both the TRUMP and MELANIA coins decline with increasing volatility and traders selling for profits. As a result, many crypto traders faced heavy losses.
This is not surprising to some extent, as meme coins are known for their high volatility and uncertainty. The drop in the price of the Melania coin to an all-time low indicates investors’ panic and skepticism about its performance. However, some experts speculate its possible recovery around its political association and hype around Trump meme coins.
Bottom Line
The crypto community closely watched the TRUMP and MELANIA meme coin due to their relation to the current US president, Donald Trump. Crypto whales have heavily invested in these cryptos, where one earned $42.7M in profit in just three days. However, these tokens are also prone to criticism due to their volatile nature. Even Maxine Waters called the TRUMP coin a national security risk and the worst crypto. The Melania coin’s price drop to an all-time low shows similar concerns. However, experts believe in its potential recovery with recurring trends.
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