On October 23, an unidentified insider sold half of the total supply of the meme coin SHARPEI (SHAR), causing the token’s price to plummet by 96%. Analysts at Lookonchain highlighted this event.
An insider sold 500M $SHAR(50% of the total supply) for 19,620 $SOL($3.38M) in a single transaction, causing the price of $SHAR to crash by 96%!
The insider used 5,710 $SOL($948K) across 16 wallets to snipe 665.6M $SHAR(66.56% of the total supply), distributing it to over 100… pic.twitter.com/KEbhTH11LX
— Lookonchain (@lookonchain) October 24, 2024
The trader spent 5,710 SOL ($948,000) from 16 addresses to purchase 665.6 million SHAR (66.56% of the total supply), distributing them across more than 100 wallets.
Subsequently, he sold 500 million SHAR in a single transaction for 19,620 SOL ($3.38 million), earning 13,910 SOL ($2.4 million). This led to a sharp decline in the token’s price—from $0.042 to $0.0027.
Due to the price fluctuation, another user suffered a significant loss on the meme token. He had previously purchased 27 million SHAR for 2,952 SOL, but could only sell them for 471 SOL, incurring a loss of 2,481 SOL ($429,000).
Even the trader who profited 18,539 $SOL($3.7M) on $BOME got rugged on $SHAR.
This trader spent 2,952 $SOL to buy 27M $SHAR and sold for 471 $SOL, losing 2,481 $SOL($429K).
He previously spent 2,620 $SOL to buy 345.35M $BOME and sold for 21,159 $SOL, making 18,539 $SOL($3.7M).… pic.twitter.com/1GayR5We2Z
— Lookonchain (@lookonchain) October 24, 2024
According to GeckoTerminal, at the time of writing, the price of SHARPEI stands at $0.003209, with a market capitalization of $3.22 million.
Earlier in October, on-chain researcher ZachXBT criticized crypto influencer Sion Thomas (Ansem) for executing a Pump & Dump scheme involving several meme coins.