On October 23, an insider sold 50% of the entire SHARPEI (SHAR) meme token supply, causing its price to drop by 96%. Analysts at Lookonchain noticed the transaction, which led to significant market fluctuations.
The trader used 5710 SOL ($948,000) from 16 different addresses to purchase 665.6 million SHAR (66.56% of the total supply) and distributed the tokens across more than 100 wallets. Later, in a single transaction, they sold 500 million SHAR for 19,620 SOL ($3.38 million), making a profit of 13,910 SOL ($2.4 million). This caused a sharp drop in the token’s price from $0.042 to $0.0027.
Another investor suffered losses due to the volatility, losing a substantial amount — after buying 27 million SHAR for 2952 SOL, they were forced to sell them for just 471 SOL, incurring a loss of 2481 SOL ($429,000).
According to GeckoTerminal, at the time of writing, SHARPEI’s price stands at $0.003209, with a market capitalization of $3.22 million.
