The MELANIA token, a memecoin linked to US First Lady Melania Trump, is under scrutiny after blockchain data suggested that its developers may be behind a series of major sell-offs.

According to blockchain analyst EmberCN, the project’s team has allegedly offloaded over 31 million tokens over the past month, raising concerns about insider-driven activity.

Since March 16, wallet addresses associated with the MELANIA project have reportedly moved 31.685 million tokens from community and liquidity pools. These were converted into 138,800 SOL, worth around $18.4 million at the time of the transactions.

EmberCN revealed that the token sales were executed through a method known as unilateral liquidity provisioning. This approach allows sellers to convert tokens into crypto, often without requiring a buyer on the other end.

Meanwhile, the actions appear to have put significant downward pressure on the token’s value.

According to CryptoSlate’s data, MELANIA, which peaked at over $13 after its launch earlier this year, dropped more than 96% to an all-time low of $0.38 on April 20.

Despite the dramatic drop, MELANIA has shown a slight rebound. As of press time, the token’s price has recovered around 14%, trading at approximately $0.5223.