Melania Trump plugs memecoin amid $10M team selling allegations

US First Lady Melania Trump has restarted promoting her Solana-based memecoin, MelaniaMeme (MELANIA), following months of inactivity despite allegations regarding $10 million in unexplained token sales. In a recent post on X, Trump shared an AI-generated video endorsing the token as a step into the future, while blockchain analysts highlighted that her promotion failed to address ongoing concerns about the token's financial practices. Specifically, $30 million worth of community funds was moved by the MELANIA team earlier this year with little explanation. Additionally, the token's performance has dramatically declined, trading at $0.18, down over 90% from launch and 98% from its peak value of $13.73. Hayden Davis, a co-creator of the MELANIA token, has a controversial history, having been involved with other memecoins that experienced significant collapses. The content reflects ongoing issues with transparency and validity in the crypto space. Cointelegraph has reached out for comments from both President Donald Trump and Melania Trump’s offices.

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