An insider has caused chaos in the $SHAR market, selling 500 million $SHAR tokens—equivalent to 50% of the total supply—in a single transaction, netting 19,620 $SOL (approximately $3.38 million).
This massive sale triggered a 96% collapse in the price of $SHAR, leaving many investors reeling from heavy losses.
Before executing this devastating sale, the insider had used 5,710 $SOL ($948,000) across 16 wallets to snipe 665.6 million $SHAR, representing 66.56% of the token’s total supply.
The tokens were then distributed across more than 100 wallets in a sophisticated operation.
Just four hours ago, the insider gathered 500 million $SHAR from 104 of these wallets and sold it all in a single move, making a profit of 13,910 $SOL (about $2.4 million).
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
Trader Loses 2,481 $SOL In $SHAR Price Crash
The impact of the insider’s actions was so severe that even experienced traders were not spared. One notable trader, who had previously made 18,539 $SOL ($3.7 million) on the $BOME token, suffered substantial losses on $SHAR. This trader spent 2,952 $SOL to acquire 27 million $SHAR, but after the price crash, was only able to sell for 471 $SOL, resulting in a loss of 2,481 $SOL ($429,000).
Interestingly, this same trader had earlier spent 2,620 $SOL to buy 345.35 million $BOME tokens, which he successfully sold for 21,159 $SOL, netting a profit of 18,539 $SOL ($3.7 million). However, his success with $BOME was overshadowed by the significant losses incurred during the $SHAR crash.
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
This shocking turn of events highlights the risks and volatility within the cryptocurrency market, especially when insiders manipulate token supplies for profit.
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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