Brett’s $BRETT coin, a popular meme token inspired by frogs, has recently experienced a notable decrease in value. Consequently, early investors have reportedly begun selling off their tokens to capitalize on profits, as indicated by SpotOnChain, a renowned on-chain analytics provider. The analytics company highlighted that the rise in the token’s price triggered the sell-off by these initial buyers.
The analytics platform revealed that up to five insider wallets collectively deposited 71.76 million $BRETT tokens, equivalent to $9.94 million, into various cryptocurrency exchanges such as Gate.io, KuCoin, and Bybit within the last 32 hours. This led to a decline in the token’s price following each transfer.
Early $BRETT Investors Cash Out for Profit.
According to SpotOnChain, these insider wallets made a coordinated move to profit from the situation. The wallets deposited a substantial amount of tokens into the aforementioned exchanges, causing significant dips in the coin’s value. The analytics firm also disclosed that these wallets are part of a larger group of around fifteen wallets that swapped 4.9 $ETH tokens valued at approximately $14.4K for 1.86 billion $BRETT tokens, representing 18.6% of the total supply.
These wallets initiated the token exchange within just forty-five minutes of the coin’s creation on February 25th. Spot On Chain stated that the wallets still hold 941.4 million $BRETT tokens, valued at nearly $132 million.
Prior to the recent price drop, Brett’s coin experienced a bullish trend, surpassing its all-time high of $0.14 and reaching a market capitalization of $70 billion. The token’s listing on popular crypto exchange KuCoin was credited with driving this price surge.