On December 12, the FOCAI token was launched on the Pump.fun platform, allowing memecoins to be created with just a few clicks. Its initial price of $0.00000001 soared to $0.0013, reaching a market cap of $46 million. However, this surge was short-lived, as the token has since lost over 90% of its value.
Analysis revealed that 15 addresses, suspected of insider trading, bought 60.5% of the total supply for $14,600 and resold for $20.5 million, making a profit of $20.48 million. These addresses, created shortly before the launch, could belong to the creators of the token or to people informed beforehand.
This case illustrates the possible abuses in the crypto ecosystem, where the use of privileged information can lead to colossal profits in record time.
Source: journal du coin.com
