The team behind the official meme coin of Melania Trump, the First Lady of the United States, has been tampering with the meme coin’s liquidity in a technique similar to a rug pull project.
Official Melania Meme MELANIA $0.26 24h volatility: 0.6% Market cap: $104.17 M Vol. 24h: $8.70 M , a meme coin launched by Melania Trump, is being accused of executing rug pulls as some of its top holders are profiting from selling the liquidity.
According to data from Lookonchain, eight wallets have sold 6.72 million MELANIA tokens, worth $4.2 million, by adding and removing liquidity over the past 25 days.
The #Melania token team has been offloading $MELANIA through liquidity adds and pulls!
Over the past 25 days, they’ve sold 6.72M $MELANIA for 34,168 $SOL ($4.2M) by adding and removing liquidity across 8 wallets.
Address:
9FfHLRxW8Y1BC2swHXJN7NuRqbdPnTwAJB5bARDbzTEq… pic.twitter.com/xWlPlFf6Yt— Lookonchain (@lookonchain) April 10, 2025
The amount of tokens sold by the eight wallets accounts for over 1.2% of its circulating supply of 539 million MELANIA coins. The selling pressure has been consistently pushing the meme coin’s price downward.
While these movements cannot be attributed to a complete rug pull, the project’s gradual exit strategy is a warning sign of a soft rug pull. This involves reducing the commitment to the project, decreasing communications, and receding updates.
In MELANIA’s case, the last time the project published a post on X was nearly two months ago, on February 14. There have been no updates from the team since then.
Connected to Scams
In mid-February, blockchain analytics platform Bubblemaps found a connection between MELANIA and LIBRA, a controversial political meme coin promoted by Argentine President Javier Milei.
Bubblemaps added that MELANIA and LIBRA “are tied to the same team”.
LIBRA plunged 98%, wiping out $4.4 billion in less than 12 hours, right after its launch on Feb. 14.
Unlike LIBRA, the MELANIA meme coin rose to an all-time high of $13.7 million with a market cap of $2.2 billion a few hours after its launch. Soon, the meme asset started to decline as the team started taking profits.
MELANIA is currently trading at $0.51, 96% down from its ATH, with a market cap of $270 million.
The declining social activity, liquidity selloff and consistently falling price suggest that the team behind MELANIA is executing a soft rug pull.
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