Melania memecoin, which was launched after the victory of Donald Trump, lost more than 5.63% of its price in the intraday time frame and as per CoinMarketCap, the price are in loss 96.76% from its all-time high of $13.73.
Market experts argue that despite being associated with the first lady of the United States, the coins have continued to face allegations of insider trading and mismanagement.
The press time trading prices of this memecoin are far below the 20, 50, 100, and 200-day exponential moving averages, and its prices are $0.4406.
Why are investors losing their funds in Melania memecoin?
Several blockchain analysis firms have reported dozens of unusual activities in the Melania memecoin and have also reported the losses faced by the traders.
When writing, the market capitalization of the MELIANA coin was $238.54 million, which is down by 5.58% in the past 24 hours, and the volume was $20.32 million, which is up by 13.38% in the same time frame.
The available data further notes that the prices of token are in 19% loss in a week and are in 34% loss in monthly time frame, it is worth noting that MELIANA coin is based on Solana blockchain which is known as one of the fastest and scalable in the wider crypto market.
Most recently Bubblemaps, a blockchain analysis firm, has reported that MELIANA tokens worth $30 million have been transferred outside the community funds and into insider wallets.
The incident of pulling funds from the liquidity of MELIANA coin has raised concerns over the inner management of the coin.
In the initial days of its launch, the memecoin was trying to closely compete with the Official Trump memecoin that is currently trading at $7.94 with a loss of 5.53% intraday and is down by 30.23% in the past 30 days.
Is the memecoin market also falling with the MELANIA coin?
It is quite true that the memecoin market has faced a major decline in the past few months, and as of writing, the capitalization of the vast market is $45.48 million with a loss of 3.92% and the trading volume was $4.35 billion with a loss of 10.23% in the same time frame.
To the whole market capitalization of memecoins, Dogecoin contributes the highest, followed by Shiba Inu, Pepe, Official Trump, Bonk, Fartcoin, Floki, and Dogwifhat.
Despite back-to-back decline over the past few weeks, experts still see memecoins growing in the near future, and the mark of $1 trillion in market capitalization is likely to be achieved soon.
There are claims that the memecoin market has observed declines in the past few weeks, but the trading of coins like Doge, Pepe, Fartcoin, Official Trump, Popcat, Shiba Inu, and Bonk.
These blockchain products have remained in the spotlight for the past few years, with some saying they are the best investment type in small funds and others saying it does not serve any real-world usage.
