Brett coin $BRETT, a well-known frog-themed meme token has recently seen a significant dip. As a result of this, the early buyers have reportedly begun selling the tokens to gain profits, according to the famous on-chain analytics provider SpotOnChain. The analytics firm pointed the rebound in the price of the token has led to the respective sell-off by the early buyers.
#MEMEcoin $BRETT early buyers/insiders are selling for profits after the price rebounded!In the last 32 hours, 5 "insider" wallets jointly deposited 71.76M $BRETT ($9.94M) to #Gateio, #KuCoin, and #Bybit, causing the price to dip after each transfer. pic.twitter.com/gvfaZFu39g
— Spot On Chain (@spotonchain) June 7, 2024
Early $BRETT Purchasers Sell the Coin For Profits.
The analytics platform said up to five insider wallets made this move to jointly take profit. According to SpotOnChain, the respective wallets deposited up to 71.76 million $BRETT tokens into diverse crypto exchanges. Particularly, the wallets put these coins in Bybit, KuCoin, and Gate.io crypto exchanges. The deposited tokens reportedly have a value of nearly $9.94 million in the recent thirty-hours.
Five Wallets Deposit 71.76M Tokens Leading to Price Dips♦
The platform added that each of the token deposits paved the way for substantial dips in the coin’s value. The firm also disclosed that the above-mentioned wallets operate under a group of nearly fifteen wallets swapping 4.9 $ETH. These tokens had a value of approximately $14.4K. The wallets exchanged these $ETH coins for 1.86 billion $BRETT. They account for 18.6% of the cumulative supply.
The aforementioned wallets exchanged the tokens within just forty-five minutes of the coin creation on the 25th of February. Spot On Chain claimed that the wallet still possesses 941.4 million $BRETT coins. These coins have a worth of almost $132 million.
A few hours back, before this price decline, the Brett coin went through a bull run. This took place after the token ran past its all-time high price level of up to $0.14. Along with that, it made another development as it reached the $70B mark in terms of cumulative market capitalization. As per the reports, the token’s listing on the popular crypto exchange KuCoin drove the price rally.