Large investors were dumping Official Melania MELANIA/USD at massive losses, as the meme coin launched by First Lady Melania Trump traded 93% below its all-time high.
What happened: Two notable loss-making whale transactions were discovered by on-chain data tracking firm Lookonchain on Tuesday
One of the investors purchased 13.97 million MELANIA tokens for 30 million USD Coin USDC/USD a month ago, only to sell the stash for 14.32 million USDC on Monday, experiencing a loss of $15.68 million.
The other whale bagged 6.69 million MELANIAs for 10 million USDC more than three weeks ago and sold them for 6.27 million USDC over the past two days, losing $3.73 million.
The sell-offs by whales, known for being large hoarders of cryptocurrencies, suggested a weaker long-term sentiment and a bearish forecast for the meme coin.
Price Action: At the time of writing, MELANIA traded at $0.9210, down 0.59% in the last 24 hours and over 93% since the top of $13.73 shortly after its launch last month, according to data from Benzinga Pro.
Just for additional context, about $12.8 billion worth of the coin's fully diluted capitalization has been eroded since the peak.
See Also: GameStop-Themed Cryptos Soar After Vivek Ramaswamy Co-Founded Firm’s CEO Urges Bitcoin Investment: Graduate From Being ‘Meme Stock’ To Sector Leader
Why It Matters: The Solana SOL/USD-based meme coin was launched just before President Donald Trump's presidential inauguration, much like the Official Trump TRUMP/USD token.
TRUMP has also witnessed a sharp drawdown, plummeting 82% from its record highs.
MELANIA was drawn into a larger controversy when on-chain sleuths alleged a potential link between the token's creators and the scam-tainted LIBRA meme coin promoted by Argentine President Javier Milei.
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