Brett, the popular frog-themed meme token represented by $BRETT, has recently experienced a notable decrease in value. This has prompted early investors to sell their tokens in order to capitalize on profits, as reported by the renowned on-chain analytics provider SpotOnChain. SpotOnChain highlighted that the rise in the token’s price has led to a sell-off by the initial buyers.
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 price drops after each transfer.
Early $BRETT Investors Seize Opportunity to Sell for Profit.
SpotOnChain revealed that up to five insider wallets collaborated to profit from this move. These wallets deposited a total of 71.76 million $BRETT tokens across various crypto exchanges, including Bybit, KuCoin, and Gate.io. The deposited tokens were valued at almost $9.94 million within the recent thirty-hour period.
Five Wallets Deposit 71.76M Tokens, Leading to Price Declines♦
The platform also noted that each token deposit contributed to significant drops in the coin’s value. Additionally, the firm disclosed that the wallets involved were part of a group of around fifteen wallets exchanging 4.9 $ETH, valued at approximately $14.4K, for 1.86 billion $BRETT tokens, representing 18.6% of the total supply.
These wallets executed the token exchanges within just forty-five minutes of the coin’s creation on February 25th. SpotOnChain claimed that the wallets still hold 941.4 million $BRETT tokens, valued at nearly $132 million.
Prior to this recent price decline, Brett coin experienced a bullish trend, surpassing its all-time high price of $0.14. Furthermore, it achieved a market capitalization of $70 billion. Reports suggest that the listing of the token on the renowned crypto exchange KuCoin propelled the price surge.