MELANIA, the cryptocurrency project linked to former First Lady Melania Trump, has experienced a drastic 96% value drop over the past three months. This stark decline contrasts with the upward trajectory of TRUMP, the official memecoin associated with the former president. While TRUMP maintains a fully diluted valuation (FDV) above $1 billion, MELANIA’s FDV continues to fall, currently hovering around $515 million, with its 24-hour average trading volume struggling at just $22.77 million. This downturn is attributed to a lack of long-term community support for the project. On-chain data reveals that early investors have offloaded substantial portions of their holdings in recent months. This selling pressure further weakens already fragile hopes for price increase. 25 days ago, the MELANIA team itself sold 6.72 million coins in exchange for 34,168 Solana (SOL), amplifying investor concern. In addition, multiple wallet addresses have engaged in both liquidity adding and withdrawing transactions, fueling a further erosion of confidence in the altcoin market.