The team behind Melania Meme (MELANIA) — a token named after former First Lady Melania Trump — is under scrutiny after blockchain analytics firm Bubblemaps flagged the movement and partial sale of $30 million worth of tokens from the project’s community funds.

According to a detailed thread posted by Bubblemaps on April 7, around 50 million MELANIA tokens were transferred from a designated community wallet to a single address, before being dispersed across several others. 

The analytics firm reported that over $3 million in tokens were sent to cryptocurrency exchanges, two new positions worth $6 million each were established, and roughly $500,000 worth of MELANIA has already been sold on the open market.

The MELANIA team has not publicly responded to the transactions or offered any clarification about the activity — a silence that has only deepened community concerns. Bubblemaps questioned the lack of transparency, asking why no representative, including Hayden Davis — who previously claimed involvement in creating the token — has addressed the movements.

Last month, Bubblemaps accused Davis of “covertly selling” MELANIA tokens through single-sided liquidity pools, a strategy that allows tokens to be sold with limited visibility. Similar tactics were allegedly used with LIBRA, another controversial memecoin Davis admitted to launching. LIBRA was briefly associated with Argentine President Javier Milei before crashing in value and sparking political backlash.

As of now, Bubblemaps claims that wallet addresses associated with the MELANIA team control 92% of the token's total supply. With such a high concentration, analysts warn that the project remains vulnerable to further large-scale sell-offs — a scenario that could worsen the token’s already steep decline.

Since its debut on January 19 — just before former President Donald Trump’s planned return to the White House — MELANIA has lost more than 96% of its value. The token, which once traded above $13, is now hovering around $0.51, according to CoinGecko.