On October 23, an unknown insider sold half of the total supply of meme coin SHARPEI (SHAR), causing the price of the coin collapsed by 96%. Lookonchain analysts drew attention to this.
An insider sold 500M $SHAR(50% of the total supply) for 19,620 $SOL($3.38M) in a single transaction, causing the price of $SHAR to crash by 96%!
The insider used 5,710 $SOL($948K) across 16 wallets to snipe 665.6M $SHAR(66.56% of the total supply), distributing it to over 100… pic.twitter.com/KEbhTH11LX
— Lookonchain (@lookonchain) October 24, 2024
Trader spent 5,710 SOL ($948,000) from 16 addresses to purchase 665.6 million SHAR (66.56% of the total supply), distributed across more than 100 wallets.
He then sold 500 million SHAR for 19,620 SOL ($3.38 million) in one transaction, earning 13,910 SOL ($2.4 million). This led to a sharp collapse in the price of the token – from $0.042 to $0.0027.
Due to price fluctuations, another user lost a large amount of money on the meme token. Previously he acquired 27 million SHAR for 2952 SOL, but was only able to sell them for 471 SOL at a loss of 2481 SOL ($429,000).
Even the trader who profited 18,539 $SOL($3.7M) on $BOME got rugged on $SHAR.
This trader spent 2,952 $SOL to buy 27M $SHAR and sold for 471 $SOLlosing 2,481 $SOL($429K).
He previously spent 2,620 $SOL to buy 345.35M $BOME and sold for 21,159 $SOLmaking 18,539 $SOL($3.7M).… pic.twitter.com/1GayR5We2Z
— Lookonchain (@lookonchain) October 24, 2024
According to GeckoTerminalat the time of writing, the price of SHARPEI is $0.003209. Coin capitalization: $3.22 million.
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Source: Cryptocurrency
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