Insider Trading Alert on Solana (SOL) Based Memecoin Leads to 95% Price Drop
A significant sell-off in a memecoin linked to Solana (SOL) has caused a drastic 95% drop in its price, sparking concerns about insider trading in the market.
The memecoin in question, SPIKE, saw insiders selling off large quantities of tokens, resulting in a sharp decline in its value. According to reports from Lookonchain, individuals with privileged information about SPIKE began offloading their tokens shortly after the coin’s launch.
Insiders managed to acquire substantial amounts of SPIKE through various wallets, only to swiftly sell off 292.95 million SPIKE tokens, representing 29.3% of the total supply, for a sum of 7,056 SOL (equivalent to $1.06 million). This sudden influx of sales led to a staggering 95% decrease in the price of SPIKE within a short period.
As of the latest update, SPIKE is trading at $0.00887, marking a significant 78.8% decrease in value over the past 24 hours.
The incident has raised concerns about the prevalence of insider trading in the memecoin market, highlighting the need for greater transparency and oversight in the industry.
SPIKE, a Solana-based memecoin, is recognized as the first documented artwork and creation by Matt Furie, an American comic book artist and illustrator. Furie is best known for his creation of Pepe the Frog, a character from the Boy’s Club series, which gained popularity and inspired the creation of the memecoin PEPE.
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