MELANIA's Mess: Down the Drain?! 📉

Right then, let’s have a squint at this MELANIA business, shall we? Seems our plucky little memecoin 🪙 has rather come a cropper. Down 97%, you say? Good heavens! One can almost hear the collective gasp of the chaps who plumped their hard-earned dosh into it. 💸

MELANIA has dropped by 97% to hit an all-time low on the charts (One shudders to think what Aunt Agatha would say if she knew I was dabbling in such frippery.)
Memecoin saw significant sell-offs from the core team offloading $14.7 million worth of tokens (Oh, the bounders! Selling off like a flock of geese heading south for the winter. 🦢)

Since its launch three months ago, MELANIA has been doing a rather convincing impression of a lead balloon 🎈, consistently descending on the charts. And now, the poor thing has hit rock bottom. A sorry state of affairs indeed. The last 24 hours saw Official Melania Meme [MELANIA] plummeting to a measly $0.36, a 97% nosedive from its dizzying heights of three months ago. One is reminded of Icarus, though perhaps with less wax and more digital currency. 🔥

At the time of this scribble, the memecoin was clinging on for dear life at $0.38. A 5.79% tumble on the daily charts. One almost feels a bit sorry for the blighter. Almost. 🤔

The sudden dip in the memecoin’s fortunes raises a few eyebrows, doesn’t it? What’s causing this spectacular implosion? Well, it appears there’s been a rather noticeable increase in what one might delicately call “selling pressure.” 😬

According to chaps at Chain Brief, the very team behind this MELANIA lark have been flogging off their tokens with the enthusiasm of a schoolboy let loose in a sweet shop. They’ve allegedly sold 23.4 million tokens, worth a cool $14.7 million, in what some are calling a “slow rug pull.” This, naturally, has caused a bit of a kerfuffle among investors. 🤨

This suspected “slow rug pull” (a rather uncouth term, if you ask me) has been confirmed by EmberCN, who claim the team has been offloading tokens through all sorts of shenanigans. For instance, they flogged 2.95 million tokens by adding unilateral liquidity. Sounds frightfully complicated, doesn’t it? 🤯

Additionally, the $MELANIA project continued to transfer 7.643 million $MELANIA ($3.21M) from liquidity and community addresses. It then added them to the MELANIA/SOL unilateral liquidity on Meteora, selling $MELANIA for SOL within the set range. It all sounds rather fishy, doesn’t it? 🐠

Looking at the bigger picture, this selling frenzy is supported by the fact that spot netflows have remained positive for the last four days. Positive netflows mean more deposits than withdrawals on exchanges, which is a rather clear sign of strong selling activity among market participants. The vultures are circling, one might say. 😈

Given all this selling, one can’t help but wonder: Is MELANIA doomed for further losses? Is this the end of the road for our little memecoin? 😵‍💫

Is the memecoin set for further losses?

According to those clever chaps at AMBCrypto, the memecoin is facing strong downward momentum amidst mounting bearish sentiments. Oh dear. 😟

For starters, investors are mostly taking short positions, which is never a good sign. The aggregated funding rate has remained negative for the past week. Shorts paying longs, you see. Meaning there’s a higher demand for short positions because everyone expects the price to plummet further. A thoroughly bearish sign, what! 🐻

Additionally, the memecoin’s Open interest-weighted funding rate has also been negative for the last three months. More evidence that investors are shorting the memecoin, anticipating a further drop. It’s all rather grim, isn’t it? 💀

Finally, looking at MELANIA’s price charts, its RSI (Relative Strength Index, for those not in the know) has plummeted to 15, deep into oversold territory. This means sellers are dominant, indicating high selling pressure. The writing’s on the wall, one might say. 📝

In short, if the current market trend continues, MELANIA could see more losses. It might even drop to a new ATL (All-Time Low) around $0.34. However, if buyers suddenly return, they might push the memecoin back to $0.42. But frankly, one wouldn’t bet the family silver on it. 🙊

2025-04-21 20:16

MELANIA’s Mess: Down the Drain?! 📉

Is the memecoin set for further losses?

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