The Melania Coin, associated with Melania Trump, has faced a staggering 96% drop in its value over the past three months. In contrast, the Official Trump memecoin has thrived, now boasting a fully diluted valuation exceeding $1 billion. Currently, Melania Coin’s valuation sits at around $515 million, with a meager 24-hour trading volume of just $22.77 million.
What Factors Contribute to the Decline?
Initial excitement surrounding Melania Coin has not translated into sustained community backing. Recent on-chain data indicates that early investors are rapidly liquidating their assets, which has compounded the negative sentiment surrounding the coin.
Who Is Selling Off Their Holdings?
Both individual and project-affiliated wallets have been selling their Melania Coin holdings. Reports show that the team behind Melania has offloaded approximately 6.72 million coins for 34,168 Solana (SOL) in the last 25 days. Furthermore, multiple wallet addresses have participated in both adding and withdrawing liquidity, which has shaken investor confidence even further.
Despite these setbacks, some technical indicators suggest a temporary rebound could be on the horizon. Notably:
- Positive price signals observed in the cryptocurrency market.
- Melania Coin has shown signs of a potential recovery based on technical analysis.
- An inverse head and shoulders pattern is forming on the hourly chart.
For Melania Coin to solidify a bullish trend, it must break past the existing downward resistance. Failure to do so may mean that any signs of recovery are merely fleeting.