Melania memecoin down 96% from all-time high amid claims from insiders

Melania memecoin, launched after Donald Trump's victory, has lost more than 5.63% in price over the day, and according to CoinMarketCap, the price has lost 96.76% compared to its all-time high of $13.73. Market experts believe that although associated with the First Lady of the United States, these coins still continue to face accusations of insider trading and poor management. The trading price at the time of the press report for this memecoin is much lower than the 20, 50, 100, and 200-day exponential moving averages, and its price is $0.4406. Why do investors lose money in the memecoin Melania? Several blockchain analysis companies have reported dozens of unusual activities in the memecoin Melania and also reported on the losses that traders are facing. At the time of writing, the market capitalization of the MELIANA coin is $238.54 million, down 5.58% in the past 24 hours, and the trading volume is $20.32 million, up 13.38% in the same time frame. The available data also notes that the price of the token has decreased by 19% in a week and has fallen by 34% over a monthly timeframe. Notably, the MELIANA coin is based on the Solana blockchain, known to be one of the fastest and most scalable blockchains in the broader cryptocurrency market. Recently, Bubblemaps, a blockchain analytics company, reported that tokens worth 30 million dollars of MELIANA have been transferred out of the community fund and into an internal wallet. The withdrawal incident from the liquidity of MELIANA has raised concerns about the internal management of this coin. In the early days of its launch, the memecoin has tried to compete closely with Trump's official memecoin, which is currently trading at $7.94, with a loss of 5.53% for the day and a decrease of 30.23% over the past 30 days. Is the memecoin market declining along with the MELANIA coin? The memecoin market has indeed faced a significant decline over the past few months, and as of the time of writing, the market capitalization of this large sector is $45.48 million with a loss of 3.92%, and the trading volume is $4.35 billion with a loss of 10.23% over the same time frame. In the entire market cap of memecoins, Dogecoin contributes the most, followed by Shiba Inu, Pepe, Official Trump, Bonk, Fartcoin, Floki, and Dogwifhat. Despite the consecutive declines in recent weeks, experts still see memecoin growing in the near future and potentially reaching a market capitalization of 1 trillion dollars soon. There have been claims that the memecoin market has seen a decline in recent weeks, but trading activity for coins like Doge, Pepe, Fartcoin, Official Trump, Popcat, Shiba Inu, and Bonk. These blockchain products have always been in the spotlight over the past few years, with some people believing they are the best investment for small funds, while others argue that they serve no practical purpose.