Brett, a popular meme token with a frog theme, has recently experienced a significant drop in value. This has prompted early investors to start selling their tokens to make a profit, as reported by the well-known on-chain analytics provider SpotOnChain. The analytics firm noted that the rise in the token’s price led to the early investors selling off their holdings.
In the past 32 hours, five “insider” wallets collectively deposited 71.76 million $BRETT tokens (equivalent to $9.94 million) into exchanges such as Gate.io, KuCoin, and Bybit, resulting in a decrease in price after each transaction.
The Early $BRETT Buyers are Cashing in on Their Investment.
According to SpotOnChain, up to five insider wallets have coordinated to sell off their tokens for profit. These wallets deposited a total of 71.76 million $BRETT tokens into various crypto exchanges, including Bybit, KuCoin, and Gate.io, with a total value of nearly $9.94 million in the past thirty hours.
Five Wallets Deposit 71.76M Tokens, Leading to Price Declines♦
The platform revealed that each token deposit contributed to significant drops in the token’s value. Additionally, it was disclosed that the wallets are part of a larger group of around fifteen wallets trading 4.9 $ETH tokens, valued at approximately $14.4K. These $ETH tokens were exchanged for 1.86 billion $BRETT tokens, accounting for 18.6% of the total supply.
These wallets conducted the token exchanges within just forty-five minutes of the token’s creation on February 25th. Spot On Chain stated that the wallets still hold 941.4 million $BRETT tokens, valued at almost $132 million.
Prior to this recent price drop, the Brett coin experienced a surge in value, surpassing its all-time high of $0.14. The token also reached a total market capitalization of $70 billion, with reports attributing the price rally to its listing on the popular crypto exchange KuCoin.