Lookonchain experts have discovered that an unknown insider sold almost half of the total supply of the SHARPEI (SHAR) memecoin, causing the asset's price to plummet by 96%.
As analysts found out, the trader spent 5710 Solana (SOL) ($948) from 000 addresses to purchase 16 million SHAR (665,6% of the total supply), distributing them across more than 66,56 wallets.
After that, he sold 500 million SHAR in just one transaction for 19 SOL ($620 million), and earned 3,38 SOL ($13 million) on this. As a result of his actions, the price of the memecoin fell from $910 to $2,4.
In addition, as experts have established, one of the memecoin owners lost a significant amount due to his actions. He bought 27 million SHAR for 2952 SOL, but was only able to sell them for 471 SOL with a loss of 2481 SOL ($429).
According to experts, the price of the memecoin continues its downward trend, and the capitalization of the asset has dropped to $3 million. The community once again drew attention to the fact that memecoins are extremely high-risk, and insiders or the developers themselves can make money on them.
A clear confirmation of this fact was the situation with the above-mentioned coin, when one trader made a profit, and the rest suffered losses.
