Melania Team Removes 10M Tokens Amid 90% Price Drop

The Melania team has taken a significant action by removing 10 million MELANIA tokens from the Meteora pool. This move was executed at 11:31 UTC+8 on April 3rd, with the current value of the removed tokens estimated to be approximately $5.7 million. The team had previously added 20 million MELANIA tokens to the pool over two months ago, setting a single-sided liquidity price above $5.9. However, the current price of MELANIA has dropped by over 90% compared to the initial set price.

This action by the Melania team is likely a response to the significant drop in the token's value. By removing a substantial number of tokens from the liquidity pool, the team may be attempting to stabilize the price or prepare for future market movements. The decision to remove tokens at this juncture suggests a strategic maneuver to manage the token's supply and demand dynamics in the face of market volatility.

The removal of 10 million MELANIA tokens from the Meteora pool is a notable development in the cryptocurrency market. It underscores the team's proactive approach to managing the token's value and liquidity. The significant price drop from the initial set price highlights the challenges faced by cryptocurrency projects in maintaining stable valuations amidst market fluctuations. The Melania team's actions reflect a broader trend in the industry where teams are increasingly taking measures to safeguard the value of their tokens and ensure the sustainability of their projects.