A blockchain analytics firm has alleged that the team behind the Melania Meme (MELANIA) cryptocurrency moved$30 million worth of tokens. These were taken from community reserves without explanation.

Bubblemaps revealed that the tokens were transferred to a single wallet. They were then dispersed across multiple addresses, with millions already sold or sent to exchanges. Neither the team nor co-creator Hayden Davis has commented on the transfers.

MELANIA was launched in January to coincide with Donald Trump's return to the political spotlight. Since then, the token has plummeted by more than 96%, dropping from a high of over$13 to just$0.51.

The controversy comes amid declining enthusiasm for memecoins. Both the number of new launches and tokens maturing on Solana-based platforms have dropped significantly since January. The trend highlights a broader cooling in the once-hyped sector.