this post was submitted on 01 Mar 2025
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That's not how these numbers work. A $12b drop in market cap in no way suggests a real $12b was ever involved. I don't know the specific numbers to this coin, but say there's 12b coins sitting at $2 each and someone sells 100,000 coins. That looks like $200,000 until you sell the 35466th coin when you blow through all the $2 buy orders. Now you hit a wall where people didn't like $2 and only want to buy at $1.50. The seller ended up with $70,000 at $2 plus like $90,000 at $1.5 but the market cap just dropped $6,000,000,000.
Again, these aren't real numbers to apply to this coin, just an attempt to illustrate how funny reporting on market cap numbers really are. My example is definitely a little extreme.
So it's probably just some greedy pig boy that tried to pull out a couple mil suddenly, and the buy wall didn't hold. Weak ass rugpull, 14 year olds do better
Yeah, I get that, I still think it was some sort of grift / laundering though.
The big grift atm isnt the money laundering (which exists, and is known and the 3 letter agencies used to be active in tracking it down). The grift now is dumping us gov dollars into crypto directly and removing all barriers to money laundering and scamming of the public.