Ramazan Eles 
Solana (SOL) based memecoin SPIKE has experienced a dramatic price drop of 95% following a suspected insider trading incident.
According to Lookonchain, individuals with insider knowledge of the project accumulated a significant amount of SPIKE tokens shortly after the memecoin’s launch. These individuals then proceeded to sell their holdings in a coordinated manner, triggering a massive sell-off that caused the price of SPIKE to plummet.
The exact amount of SPIKE sold by the insiders is unclear, but it is estimated to be around 292.95 million tokens, representing approximately 29.3% of the total supply. This massive sell-off led to a sharp decline in SPIKE’s price, which fell from $0.18 to $0.0009 in a matter of hours.
The insider trading incident has raised concerns among investors about the security and integrity of memecoin projects. Memecoins are often characterized by their high volatility and susceptibility to manipulation, making them attractive targets for insider trading schemes.
What is SPIKE?
SPIKE is a Solana-based memecoin inspired by the artwork of Matt Furie, the creator of the popular internet meme Pepe the Frog. The memecoin was launched in early 2023 and quickly gained popularity among a small but enthusiastic community of investors.
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