The BRETT memecoin experienced a 24% surge today, followed by significant sell-offs from early buyers and insiders who capitalized on the price rebound.
Over the past 32 hours, five prominent “insider” wallets collectively transferred 71.76 million BRETT tokens, valued at $9.94 million, to exchanges such as Gate.io, KuCoin, and Bybit.
These transactions led to notable price dips following each transfer.
#MEMEcoin $BRETT early buyers/insiders are selling for profits after the price rebounded!
In the last 32 hours, 5 "insider" wallets jointly deposited 71.76M $BRETT ($9.94M) to #Gateio, #KuCoin, and #Bybit, causing the price to dip after each transfer. pic.twitter.com/gvfaZFu39g
— Spot On Chain (@spotonchain) June 7, 2024
15 Wallets Acquired 1.86 Billion B
These wallets are part of a larger group of 15 wallets that initially acquired 1.86 billion BRETT tokens, representing 18.6% of the total supply, by swapping 4.9 ETH (worth $14.4K) within 45 minutes of the token’s creation on February 25.
Despite the recent sell-offs, these wallets still retain a substantial 941.4 million BRETT tokens, valued at approximately $132 million.
This activity highlights the significant influence of early buyers and insiders on the BRETT memecoin’s market movements, with their actions causing fluctuations in the token’s price. As the market reacts to these developments, the future trajectory of BRETT remains uncertain.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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