He Bought One Fifth of Meme Coin Supply, Made Million Dollar Sales and Reduced the Price

A name thought to have insider information led to a more than 80% drop in the price of the meme coin.

The meme coin trend gained momentum again this year after the pandemic period. Some people use this trend to make money in a short time at the expense of other investors.

Won almost a million dollars

Among the new meme coins entering the market is the Solana-based HULKAMANIA. Approximately one fifth of the meme coin, which has a total supply of approximately 1 billion, went to the wallet of a single person.

According to the post of Blockchain analysis platform Lookonchain, an investor purchased a large amount of tokens shortly after HULKAMANIA entered the market.

The suspected insider spent only 7.1 Solana (approximately $1,200) to buy 190.2 million HULKAMANIA. This amounts to almost 20% of the meme coin's total supply.

It was stated that this person used four different wallets to buy HULKAMANIA, and all of them were newly opened.

According to Lookonchain data, the name with insider information increased his money to 812 in just three hours, thanks to HULKAMANIA. He sold his holdings of meme coins for a total of 5,753.6 Solana (approximately $978,000).

This investor's selling of HULKAMANIA led to a more than 85% drop in the price of the meme coin.

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