After gaining immense popularity and reaching new highs multiple times, the Melania meme coin is struggling to maintain investor interest. Today is a notable moment, as the token has dropped to its historic low following a massive sell-off by cryptocurrency giants. This raises concerns not only about the credibility of the Melania token but also about its price performance. Let's discuss what happened.
Cryptocurrency whales made a profit of $42.7 million by selling Melania meme coins.
According to a post by Lookonchain X, a cryptocurrency whale sold a large amount of Melania meme coins it held, causing the token price to plummet. A few days ago, this whale initially spent 2,500 SOL (equivalent to $688,000) to purchase 4.1 million MELANIA. However, benefiting from ongoing speculation, this whale strategically sold a significant portion from time to time. The whale bought these tokens at an average price of $0.13 but sold them at $8.34, making a profit of $43.7 million.
Three days ago, the whale first sold 203,000 MELANIA for $2.14 million, then the remaining 5 million today. However, the same 5 million worth of tokens was worth much more earlier, but as the price fell, its value also decreased. The whale's sell-off caused the token to drop to its historic low.
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Melania coin's price has hit an all-time high; what will happen next?
This cryptocurrency giant made millions in profit but triggered a sell-off today. CoinmarketCap data shows that its trading volume has dropped by 50%, currently at $309.43 million. This indicates that investors have lost interest in this cryptocurrency. Consequently, the price of Melania meme coin fell by 32% today, reaching a historic low of $2.57 before the report. As a result, the token has dropped 80% from its peak of $13.73, raising concerns among investors.
As the official cryptocurrency of FOTUS, Melania quickly captured the cryptocurrency market upon its launch. However, with increased volatility and traders selling to profit, both TRUMP and MELANIA tokens have seen declines. As a result, many cryptocurrency traders are facing significant losses.
This isn't entirely surprising, as meme coins are known for their high volatility and uncertainty. The drop in Melania coin's price to its historic low indicates that investors are panicking and doubting its performance. However, some experts speculate that due to its political connections and the hype surrounding the Trump meme coin, it may recover.
Conclusion
Due to the relationship between the Trump and Melania meme coins and the current U.S. President Donald Trump, the cryptocurrency community is closely watching these two meme coins. Cryptocurrency giants have invested heavily in these cryptocurrencies, with one making a profit of $42.7 million in just three days. However, these tokens have also faced criticism for their volatility. Even Maxine Waters has called Trump coin a national security risk and the worst cryptocurrency. The price drop of Melania coin to its historic low also reflects similar concerns. However, experts believe that there is potential for revival as trends fluctuate.