Melania memecoin drops 96.76% from ATH amid insider claims

Melania memecoin, launched after Donald Trump's victory, has experienced significant price declines. According to CoinMarketCap, it's down 5.63% intraday and a staggering 96.76% from its all-time high of $13.73.

Market analysts attribute the downturn to allegations of insider trading and mismanagement. Currently trading at $0.4406, the price is significantly below its 20, 50, 100, and 200-day exponential moving averages. This raises the question: why are investors losing money in Melania memecoin?

Several blockchain analysis firms have documented numerous suspicious activities and investor losses. At the time of writing, Melania coin (MELIANA) had a market capitalization of $238.54 million (down 5.58% in 24 hours) and a trading volume of $20.32 million (up 13.38% in 24 hours). CoinMarketCap data also reveals a 19% weekly loss and a 34% monthly loss. It's important to note that MELIANA is built on the Solana blockchain, known for its speed and scalability.

Recently, Bubblemaps, a blockchain analytics firm, reported the transfer of $30 million worth of MELIANA tokens from community funds to insider wallets. This has fueled concerns about the coin's internal management.

Initially, Melania memecoin aimed to compete with the Official Trump memecoin, which is currently trading at $7.94 (down 5.53% intraday and 30.23% in the last 30 days). Is the broader memecoin market also suffering?

The memecoin market has indeed experienced a substantial decline in recent months. At the time of writing, its total market capitalization is $45.48 million (down 3.92%), and trading volume is $4.35 billion (down 10.23%). Dogecoin currently dominates the memecoin market, followed by Shiba Inu, Pepe, Official Trump, Bonk, Fartcoin, Floki, and Dogwifhat.

Despite recent setbacks, some experts predict future growth for memecoins, even suggesting a potential $1 trillion market capitalization. While recent weeks have seen declines, coins like Doge, Pepe, Fartcoin, Official Trump, Popcat, Shiba Inu, and Bonk remain prominent. These blockchain projects have garnered significant attention, with some viewing them as attractive low-risk investments, while others question their real-world utility.