Insiders linked to First Lady Melania Trump’s memecoin, MELANIA, have been distributing MELANIA tokens. A relatively fresh wallet address, Cq2Tj, received 50M MELANIA tokens one month ago, worth over $63M then. Yesterday, this wallet began sending out 2.5M MELANIA tokens to Chptd, which subsequently redistributed 1M tokens to both Ha1Ye and SUWQc
Ha1Ye sold the tokens via a Meteora MELANIA/SOL liquidity pool, before sending the proceeds of 5,433 SOL (~$693,957) to another fresh address, HBNsR. The other recipient, SUWQc, also deposited its 1M MELANIA tokens into a liquidity pool on Meteora, but the proceeds have not been withdrawn from the pool yet.
Previous distributions for Cq2Tj were also sold on Meteora or sent to Kraken, presumably to be sold as well. The MELANIA token has a cliff of 30 days from its launch, with its first unlock occurring on 19 February. Subsequently, 2.25% of the supply would be linearly vested on a monthly basis.
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