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.
$Brett is over 80% of the market cap for memes on Base
over 700M+ differerence in market cap from the second largest coin
This is the equivalent to buying Amazon stock in its early days vs buying a local mom and pop shop
This is the equivalent to buying call options on LeBron… pic.twitter.com/3wqQO16NYm
— Crash (@CrashiusClay69) August 21, 2024
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.
Note that whitelisted addresses of #Brett currently hold at least 1.86B $BRETT($163M), 18.6% of the total supply!
The #Brett deployer whitelisted 139 addresses when creating $BRETT. https://t.co/zDQOWls2J8
These addresses bought 8.16B $BRETT within an hour after liquidity was… pic.twitter.com/oS2IDjLV0c
— Lookonchain (@lookonchain) August 21, 2024
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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