Memecoin界的最新争议将其重点转移到了Melania项目。

它的加密社区成员为似乎是受控的流动性操纵而引起了人们的注意，这是一种抛售。

The latest chapter in the memecoin saga has crypto community members focused on the $MELANIA project and a claim that the project team has been engaging in a controlled liquidity maneuver—a sell-off, if you will.

Memecoin Saga的最新一章是Crypto社区成员的重点是Melania项目，并声称该项目团队一直在进行受控的流动性操纵，如果您愿意的话，这是一个抛售。

Over the past month, the project team has divested 23.45 million $MELANIA tokens and did so in a way that shouldn’t affect the price much. But the team has been rumored to be using sketchy tactics to make it seem like the token is going places when it’s really just, um, not.

在过去的一个月中，项目团队剥离了2345万美元的梅拉尼亚代币，并以不应影响价格的方式做到了。但是有传言称该团队正在使用粗略的策略，使该令牌看起来像是真正的，嗯，嗯，而不是。

Most of the liquidity operations have been conducted from the other side of the price pool, allowing sales of up to 50% of MELANIA without triggering any large-sell alerts. The downside of this approach is that it pushes the price paid for MELANIA up, which is a bummer in the context of this activity being a sale to generate funds to pay for other aspects of the project, like team salaries. So why not sell to the buy side? Because that would trigger a public sell alert on-chain, and no one wants to be perceived as dumping their own project’s token.

大多数流动性运营都是从价格池的另一端进行的，可销售高达50％的Melania，而无需触发任何大销售警报。这种方法的缺点是，它推动了梅拉尼亚（Melania）上涨的价格，在此活动的背景下，这是一个令人沮丧的，是为了为项目的其他方面付费，例如团队薪水，这是一项销售的销售。那么，为什么不卖给买方呢？因为那将触发公共销售链链销售警报，没有人愿意被认为倾倒自己的项目的令牌。

The most recent activity occurred just seven hours ago, when the team transferred another 2.95 million $MELANIA tokens from its reserves and sold this latest batch for 9,009 SOL—which is around $1.2 million.

最近的活动发生在七个小时前，当时该团队从其储备中转移了另外295万美元的梅拉尼亚代币，并以9,009 SOL出售了这批最新批次，约为120万美元。

As with the previous token transfers, this one is being recorded in a pseudonymous fashion and, again, with this latest transfer, liquidity is being added in such a manner that the $MELANIA tokens are being sold in a kind of automated process as they are needed. And what’s really weird is that this was done in a range between a token price of 0.025 and 0.040 SOL.

与以前的令牌转移一样，这一转移以化名方式录制，并且再次，随着最新转移的方式，正在以一种自动化过程以一种自动化的过程出售的方式，以一种方式添加流动性。真正奇怪的是，这是在代币价格为0.025至0.040 sol之间完成的。

7 小时前，又有 295 万枚 $MELANIA 被项目方以添加单边流动性的形式出售成 9,009 枚 SOL ($1.2M)。

过去 3 天里，$MELANIA 项目方继续从流动性跟社区地址转出 764.3 万枚 $MELANIA ($3.21M)，然后在 Meteora 上添加到 MELANIA/SOL 单边流动性，将 $MELANIA 在设定区间内出售成 SOL。其中 295 万枚… https://t.co/DCOMFOsGfzpic.twitter.com/zL2rIeTqOB

— 余烬 (@EmberCN) April 19, 2025

This is not a singular occurrence. In just three days, the team has moved 7.643 million $MELANIA—about $3.21 million—from liquidity and community wallets. “The tokens were also funneled into unilateral liquidity strategies that are offloading the $MELANIA for $SOL across a defined trading range,” Coindesk writes, referencing an Ocean Falls research report. “In layman’s terms, that means they’re selling $MELANIA for $SOL, but doing it in a way that won’t make the price of $MELANIA tank.”

这不是奇异的发生。在短短三天内，该团队从流动性和社区钱包中移动了764.3万美元的梅拉尼亚（约321万美元）。 Coindesk写道：“代币还被汇入单方面的流动性策略，这些策略正在将$ SOL的$ Melania在定义的交易范围内用于$ SOL。” “用外行的话来说，这意味着他们以$ sol的价格出售$ Melania，但以$ Melania Tank的价格做到这一点。”

Collectively, on-chain records indicate that over the last 30 days, the strategy of offloading $MELANIA has been executed a total of 23.45 million times. This constant sell-side pressure has funneled into accounts holding a cumulative total of 110,000 SOL, now worth around $14.75 million.

总体而言，链记录表明，在过去30天内，卸载$ Melania的策略总共执行了2345万次。这种持续的卖方压力已融入了累计总计110,000辆溶胶的帐户，现在价值约1,475万美元。

Although this liquidity management isn’t necessarily bad or malicious, it ain’t good, either, when the team behind the project failed to relay just what the hell their intentions were with the gathering of SOL.

尽管这种流动性管理不一定是坏事或恶意，但这也不好，当该项目背后的团队未能传达其与SOL聚集的目的是什么。

Investors and community members are starting to wonder if this liquidity action is a clever way to build a treasury or if it’s really a prolonged exit strategy in disguise.

投资者和社区成员开始怀疑这种流动性行动是否是建立财政部的巧妙方式，还是确实是伪装的长期退出策略。

The ongoing liquidity injections have yet to make much of a dent in the price, and for this, we can thank the well-practiced team behind the project. They are selling tokens in a way that won’t get too many people too riled up in the short term—spreading sales across liquidity bands so as not to cause big on-chain price movements, for one. It’s almost like they are trying not to distribute the news that they are, in fact, distributing the tokens.

持续的流动性注射尚未使价格陷入困境，为此，我们可以感谢该项目背后的良好团队。他们以一种不会在短期内使太多人变得太多的人出售代币，这使跨流动性乐队的销售额揭示了，以免引起一个链上的大链价格变动。这几乎就像他们试图不分发他们实际上是分发令牌的消息一样。

Some community members view this as a treasury strategy that is far from erratic. They see it as an intentional, well-thought-out, and well-planned treasury strategy. They see it as an intentional move to build up reserves. They believe those reserves are going to be used for what I would call traditional development or marketing efforts.

一些社区成员认为这是一种远非不稳定的国库策略。他们认为这是一种有意，经过深思熟虑且计划完好的财政策略。他们认为这是建立储备的故意举措。他们认为，这些储备将用于我所说的传统发展或营销工作。

Others, however, see this as an outright betrayal of early supporters—a sellout, if you will. They see refusing to sell tokens as a kind of loyalty oath—and they see violating

但是，其他人则将其视为对早期支持者的彻底背叛，如果您愿意的话。他们认为拒绝出售代币是一种忠诚宣誓，他们认为违反