Melania memecoin team sells $1.5M tokens as price pumps 21%
The profit-taking came as the Official Melania Meme token staged an over 21% weekly recovery, but remains 96% below its all-time high.
The team behind the Official Melania Meme (MELANIA) token sold more than $1.5 million of tokens over the past three days, suggesting a programmatic selling strategy that may add downside pressure to the token.
The team behind the Melania memecoin sold another $930,000 worth of tokens on April 28, two days after selling $630,000, according to blockchain data.
The selling patterns point to dollar-cost averaging (DCA), an investment strategy used to buy or sell a predetermined amount of an asset at fixed times, according to crypto intelligence platform Lookonchain. It flagged the activity in an April 28 post on X, writing:
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Text source: BTC Ethereum Crypto Currency Blog
