After Trump’s shooting last weekend, a flurry of meme coins centered around this narrative were launched, aiming to capitalize on the momentum. Among these, one particular token has stood out – FIGHT.
This meme coin skyrocketed to an impressive market cap of over $80 million in just a single day, providing savvy meme coin traders with substantial profits – at least those who managed to cash out at the right time.
However, FIGHT’s market cap has since declined to below $60 million. A tweet from LookOnChain sheds light on this sudden drop:
24 wallets, potentially belonging to insiders or developers, invested 1.5 ETH (approximately $4,864) to acquire 378.45 million FIGHT tokens before trading opened.
24 wallets(insider or dev) spent 1.5 $ETH($4,864) to buy 378.45M $FIGHT(37.8% of the total supply) before $FIGHT opened trading.These 24 wallets have sold 261.6M $FIGHT, leaving 116.8M $FIGHT($7.36M) currently, 11.68% of the total supply.https://t.co/EVw73RZS2C pic.twitter.com/3dyePxcr0h
— Lookonchain (@lookonchain) July 17, 2024
This amount represents 37.8% of the total supply. These wallets have since sold 261.6 million FIGHT tokens, retaining 116.8 million FIGHT (valued at $7.36 million), which still accounts for 11.68% of the total supply.
For those who haven’t yet invested in FIGHT, it appears the opportunity may have passed. While the unpredictable nature of crypto means anything is possible, the fact that these insiders have sold the majority of their holdings is not a positive indicator.
Read also: Meme Coin Price Predictions: FLOKI Forms Bullish Pattern as PEPE Gains Momentum
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