Crypto News

Brett Token Poised For Major Move As Binance Announces Perpetual Contract Listing

The Brett token ($BRETT) is set to make waves in the crypto market as Binance gears up to list the BRETT perpetual contract.

This development is expected to significantly impact the token’s market performance, as $BRETT already dominates the meme coin sector on the Base network, accounting for over 80% of the market cap. With a staggering $700 million gap between $BRETT and the second-largest meme coin, the token’s influence is undeniable.

However, concerns have been raised by Lookonchain regarding the distribution of $BRETT among certain key players. Notably, whitelisted addresses currently hold 1.86 billion $BRETT, equivalent to $163 million and 18.6% of the total supply. When the Brett deployer created the token, they whitelisted 139 addresses, giving them early access to purchase large quantities of $BRETT.

Within just an hour after liquidity was added, these addresses bought a combined total of 8.16 billion $BRETT. Following these purchases, the tokens were distributed, and some were quickly sold off.

In a particularly striking example, two whitelisted addresses spent just 0.034 $ETH ($102) to acquire 172.56 million $BRETT. These addresses then sold 122.74 million $BRETT for 890.65 $ETH ($3.14 million), netting a staggering profit of 30,830 times their initial investment.

Small Group Of 54 Holds Over 10 Million $BRETT, 18% Of Total Supply

Further investigation revealed that out of the addresses holding more than 10 million $BRETT, 54 are connected to the whitelisted group, collectively holding 1.86 billion $BRETT, valued at $163 million. This concentration of tokens among a small group of addresses raises concerns about potential market manipulation, particularly in the wake of Binance’s upcoming listing.

Investors should be cautious and monitor for any significant selling activity, as the large holdings by these whitelisted addresses could lead to volatility in $BRETT’s price. With Binance’s listing on the horizon, the next few days will be critical for the token’s market trajectory.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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