Insider Trading Alert on Solana (SOL) Based Memecoin: Price Dropped by 95 Percent!

Insider Trading Alert on Solana (SOL)-Based Memecoin: Price Crashes 95%

Investors in Solana (SOL)-based memecoins are facing significant losses after a recent massive sell-off caused a sharp price drop.

Insider Trading Allegations

The SOL-based memecoin SPIKE has fallen by up to 95% amid allegations of insider trading. According to blockchain analysis firm Lookonchain, individuals with insider information sold off SPIKE tokens shortly after its launch.

Insider Sales

These insiders reportedly acquired substantial amounts of SPIKE through multiple wallets. Within a short period, they allegedly sold 292.95 million SPIKEs, representing 29.3% of the total supply, for SOL 7,056 ($1.06 million).

Spike Price Drop

The mass sale by insiders triggered a significant price drop. At the time of writing, SPIKE is trading at $0.00887, down 78.8% in the past 24 hours.

Insider Profits

Insiders allegedly profited handsomely from the sale. Lookonchain's analysis suggests that they received approximately $1.06 million.

What is SPIKE?

SPIKE is a Solana-based memecoin inspired by the artwork and drawings of Matt Furie, the creator of Pepe the Frog.

Caution and Disclaimer

This is not investment advice. Investors are advised to exercise caution and conduct thorough research before investing in any cryptocurrency.