Warning: Whales Have Exited an Altcoin Causing Retail Investors’ Investments to Plunge

The launch of Space, a highly leveraged prediction market project that operates within the Solana ecosystem, was under intense selling pressure immediately after its release with its native token SPC (SPC).

The data shows that the token’s market capitalization jumped to more than $83 million shortly after its official listing, but then quickly fell down to about $5. 9 million – 9million. Hence, SPC lost over 90% of its value in one day.

However, on-chain analysis and market observers suggest that the decline is largely due to early-stage selling by large whales. Data shows that the top five wallets account for about 70% of all supply, while the highest twenty addresses account to up to 80%. In the wake of launch, these large wallets were reportedly selling heavily through decentralized exchanges like Jupiter, Raydium and Orca.

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In contrast it is stated that individual investors who bought during the rise suffered significant losses with the price crash. Despite the price drop, community feedback showed that some investors who participated in the pre-sale have not yet claimed their tokens.

The most interesting controversial point is looking at the project’s history, including its infamous . Originally, Space set its pre-sale target at $2 for the first time as it was intended to sell space. A total of 5 million is . But, because of the high demand for , around $24 million was raised. A rule change caused outrage in the community, and led to backlash from members of the team’s decision to keep much of their money raised because of excessive demand for a new fund called ‘the team-run run on its own word. Additionally, the token generation event (TGE) process is known to have been delayed several times.

*This is not investment advice.

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