In this bull market, besides Bitcoin repeatedly breaking historical highs and nearing the $100,000 mark, another major focus has been the meme coin (Memecoin) craze that has played out in turn across various public chains.
Cryptocurrency exchange Binance announced the listing of two meme coins, WHY and CHEEMS, for perpetual contract trading yesterday evening.
However, the prices of WHY and CHEEMS both experienced a waterfall-style crash.
As of now, WHY is reported at $0.000000215, having fallen over 43% since last night's announcement.
The price of Cheems briefly plummeted from $0.000001508 to a low of $0.0000006324, currently reported at $0.0000006847, having dropped nearly 50% since last night's announcement.
Formula News Bombardment: Please let the insider trading sell-off slow down
In response to this situation, the self-proclaimed 'fastest and market-driving cryptocurrency media' Formula News bombarded this phenomenon, believing that the sell-off is influenced by insiders who had prior knowledge of Binance's listing decisions. These insiders massively sold off after the token listing announcement, causing significant losses to investors.
However, some believe that the Formula team has been targeted.
This Formula News is likely using the same method as before, quickly buying WHY and CHEEMS by taking advantage of the so-called information and time differences. However, this also provided the insiders with a fast exit opportunity, and the waterfall decline dealt a heavy blow to Formula News, leading the community to sarcastically remark, 'This double standard is really smooth; you’re only allowed to make money, not lose, right?' 'Did you buy in three seconds again?' 'Bro, you’ve been targeted, next time be more low-key'...