The POPE token team reportedly made over $1 million in profits within two hours of the token’s introduction, raising suspicions of insider trading.
Blockchain analytics tool Lookonchain claims that shortly after the token became online, a freshly made wallet purportedly connected to the POPE team bought 5.8 million POPE tokens with $100,000 in USDC.
How Was The Trading Conducted?
The wallet then sold 1.5 million POPE at a price of $0.286 per token, securing approximately $428,000 in profits.
Despite the sell-off, the wallet still holds 4.3 million POPE, currently valued at around $685,000 based on the token’s latest price of $0.155. Combined, these holdings suggest a total gain of more than $1 million.
Suspicions of insider information or privileged access have arisen as a result of the transaction’s quick timing and size.
Although the POPE team has not responded formally, the episode has sparked questions about the project’s ethics, fairness, and transparency. If validated, the claims have the potential to seriously undermine investor trust and cast doubt on the accountability of memecoin launches in general.
The case brings to light persistent dangers in the cryptocurrency industry, where insider trading can still have a significant impact on markets, and regulatory monitoring is still lacking.
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$POPE’s Volatility Attracts High-Risk Traders, But Emphasizes the Need for Caution and Thorough Research
The price of the $POPE coin has increased significantly, rising from $0.0127 to $0.092139 at the press time with an all time high of $0.44670
The market cap of the token stands at $90.10M, while the trading volume is at $63M.
The volatility of the coin highlights its speculative nature and draws traders looking for chances with high risk and great profit.
But the significant price swings also emphasize how crucial it is for prospective investors to exercise prudence and conduct in-depth research.
$POPE Exhibits Significant Volatility Following Quick Launch and Controversial Trading Activity, Technical Indicators Reflect Instability
After its quick introduction and contentious trading activity, $POPE’s price behavior exhibits significant volatility from a technical standpoint.
The coin has experienced a substantial retracement to approximately $0.127 following an ATH of $0.092139, which was probably driven by insider accumulation and hype-driven demand.
This steep decline points to diminishing momentum and early profit-taking. A potential distribution phase is reflected in the current price structure, as intraday charts show lower highs and dropping volume, which suggests less purchasing pressure.
The market for the token is cooling, according to technical indicators like the Relative Strength Index (RSI), which is sitting close to neutral after hitting overbought levels.
Furthermore, POPE is susceptible to additional declines in the event that confidence wanes because of the absence of distinct support levels brought on by the paucity of historical data.
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