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Mohammedia – Melania Trump’s meme coin, MELANIA, is back in the spotlight. After months of silence, she resurfaced with an AI-generated video promoting the token, which sparked a short-lived rally in its price. But behind the flash and buzz, critics are pointing to troubling patterns in how the token was handled before.
MELANIA is built on the Solana blockchain. According to CoinMarketCap, it now trades around $0.17–$0.18, with a total market cap in the low hundreds of millions. That’s a stark contrast to its previous high of $13.73, meaning the coin has lost nearly 98% of its peak value.
When she relaunched, the token briefly rose about 7%. However, experts viewed this spike more as hype than a genuine recovery. The promotion did not address lingering concerns about millions of dollars’ worth of token sales by team wallets, which many felt were never clearly explained.
Suspicion, sales, and silence
The biggest red flag is tied to the actions of the token’s team in the past months. Data from blockchain trackers – such as Bubblemaps – show that about $30 million in tokens were quietly sold from what had been designated as “community” wallets, without public disclosure or explanation.
Analysts at crypto intelligence firms see those selloffs as a potential sign of insiders cashing out before the collapse.
Some insiders link the token’s creation and management to Hayden Davis, who has been involved with other meme-coin projects and controversies.
The concentration of token ownership is also alarming: a large share is held in a few wallets associated with the project, which gives those wallets outsized influence over price and control.
On the political side, Melania’s coin has sparked concern in Congress. Democratic lawmakers have asked regulators to investigate possible conflicts of interest, since both she and her husband launched meme coins while holding public office.
Meanwhile, critics of meme coins say their inherent structure is fragile. They often rely on celebrity backing, hype, and speculative demand, rather than real utility or fundamentals. That gives room for sudden crashes (“pump and dump” schemes) or manipulation.
Observers are watching closely to see whether MELANIA becomes a rebranded stunt or a more structured project, which will depend heavily on transparency and accountability.
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