A highly controversial cryptocurrency wallet, alleged by some on-chain sleuths to be controlling assets linked to U.S. government seizures or historic crypto thefts, recently launched a new speculative memecoin, resulting in a dramatic market incident. The wallet, which contains significant holdings of Bitcoin and other assets, used these funds to promote and launch the novel token on a decentralized exchange.
Initial hype surrounding the launch generated intense buying pressure, leading to a massive price surge shortly after deployment. The token quickly became one of the fastest-rising assets in its cohort, capturing the attention of retail investors drawn to the wallet’s notoriety and the prospect of high returns.
However, the massive pump proved to be immediately unsustainable. Shortly after reaching its peak valuation, the value of the memecoin experienced a catastrophic collapse. Large sell orders, suspected to be originating from the launch wallet itself, flooded the market, driving the token’s price down by more than 97% from its all-time high in a matter of hours. The event effectively wiped out the capital of investors who bought into the speculation at peak prices.
This incident highlights the high volatility and significant risks associated with investments tied to wallets of suspicious origin, further cementing community fears of potential pump-and-dump schemes being executed using funds allegedly connected to illicit or disputed origins.
Source: Suspected US seizure theft wallet launches memecoin, crashes 97%
コメント