Insider Trading Alert on Solana (SOL) Based Memecoin: Price Plummets by 95%
A significant sell-off in a memecoin linked to Solana (SOL) has caused a drastic drop in its price, with insiders unloading their holdings and driving the value down by 95%.
The memecoin in question, known as SPIKE, experienced a sharp decline due to insider trading activity. Investors who were privy to insider information about SPIKE wasted no time in selling off their tokens shortly after the coin’s launch.
According to a post by Lookonchain, insiders acquired large amounts of SPIKE through various wallets, only to swiftly dump 292.95 million SPIKE tokens, accounting for 29.3% of the total supply, for a total of 7,056 SOL ($1.06 million).
This massive sell-off 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, showing a 78.8% drop in value over the past 24 hours.
The Solana community expressed shock and concern over the rampant insider selling of SPIKE, which has severely impacted the coin’s value.
It is worth noting that SPIKE is a Solana-based memecoin associated with Matt Furie, an American comic book artist and illustrator known for creating the iconic character Pepe the Frog. This connection to Furie’s artwork has garnered attention and interest in the memecoin market.
Please note that the information provided is not investment advice. For those interested in trading over 300 cryptocurrencies, consider registering with Binance exchange with a 20% commission discount.
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