While investors in Solana (SOL)-based memecoins continue, a large sell-off in a memecoin caused the price to crash.
Another case of insider trading occurred in the Memecoin market, and the SOL-based memecoin called SPIKE fell by up to 95%.
According to Lookonchain's post, investors who had insider information about the memecoin named SPIKE started selling tokens like crazy shortly after the token was launched.
Insiders received large amounts of SPIKE through multiple wallets. However, he soon sold 292.95 million SPIKEs, equivalent to 29.3% of the total supply, for SOL 7,056 ($1.06 million).
These sales caused the SPIKE price to drop by 95% in a short time. At the time of writing, SPIKE continues to trade at $ 0.00887, with a decrease of 78.8% in the last 24 hours.
“Insiders are selling SPIKE like crazy and the price is down 95%!
Insiders purchased large amounts of SPIKE through multiple wallets.
Then, in a short time, 292.95 million SPIKE (29.3% of the total supply) was sold for 7,056 SOL ($1.06 million).”
What is SPIKE?
Solana-based SPIKE is known as the first documented artwork and drawing by Matt Furie.
Matt Furie is an American comic book artist and illustrator. He is known for creating Pepe the Frog, a character from the Boy's Club series, which was released in 2005. Furie also owns the artwork that inspired the popular memecoin PEPE.
*This is not investment advice.