A recently launched altcoin has seen whales rapidly withdrawing their holdings shortly after its launch. Continue Reading: Warning: Whales Have Exited an AltcoinA recently launched altcoin has seen whales rapidly withdrawing their holdings shortly after its launch. Continue Reading: Warning: Whales Have Exited an Altcoin

Warning: Whales Have Exited an Altcoin, Causing Retail Investors’ Investments to Plunge

2026/05/01 03:42
2 min read
For feedback or concerns regarding this content, please contact us at crypto.news@mexc.com

Space, a leveraged prediction market project operating within the Solana ecosystem, faced intense selling pressure immediately after its launch with its native token, SPC.

According to the data, the token’s market capitalization rose to over $83 million shortly after its official listing, but then rapidly declined to approximately $5.9 million. Thus, SPC lost more than 90% of its value in a single day.

Market observers and on-chain analysis indicate that the decline is largely due to early-stage selling by large whales. According to data, the top five wallets control approximately 70% of the total supply, while the top twenty addresses account for up to 80%. Following the launch, these large wallets reportedly conducted significant sales through decentralized exchanges such as Jupiter, Raydium, and Orca.

Related News: “Sell in May and Run”—Will It Hold True for Bitcoin This Time? Analyst Issues Warning! “If the Price Doesn't Rise Above This Level in the First Five Days, Things Will Get Ugly”

On the other hand, it is stated that individual investors who bought during the rise suffered significant losses with the price crash. Community feedback revealed that some investors who participated in the pre-sale have not yet been able to claim their tokens despite the price drop.

Looking at the project’s history, several controversial points stand out. Space’s pre-sale target was initially set at $2.5 million. However, due to overwhelming demand, approximately $24 million was raised. In January, the team’s decision to retain a large portion of the funds raised due to excessive demand through a rule change sparked backlash within the community. Furthermore, the token generation event (TGE) process is known to have been postponed multiple times.

*This is not investment advice.

Continue Reading: Warning: Whales Have Exited an Altcoin, Causing Retail Investors’ Investments to Plunge

World Cup Combo: Aim for 200x

World Cup Combo: Aim for 200xWorld Cup Combo: Aim for 200x

Combine up to 20 World Cup matches in one order

Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact crypto.news@mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

Adoption Leads Traders to Snorter Token

Adoption Leads Traders to Snorter Token

The post Adoption Leads Traders to Snorter Token appeared on BitcoinEthereumNews.com. Largest Bank in Spain Launches Crypto Service: Adoption Leads Traders to Snorter Token Sign Up for Our Newsletter! For updates and exclusive offers enter your email. Leah is a British journalist with a BA in Journalism, Media, and Communications and nearly a decade of content writing experience. Over the last four years, her focus has primarily been on Web3 technologies, driven by her genuine enthusiasm for decentralization and the latest technological advancements. She has contributed to leading crypto and NFT publications – Cointelegraph, Coinbound, Crypto News, NFT Plazas, Bitcolumnist, Techreport, and NFT Lately – which has elevated her to a senior role in crypto journalism. Whether crafting breaking news or in-depth reviews, she strives to engage her readers with the latest insights and information. Her articles often span the hottest cryptos, exchanges, and evolving regulations. As part of her ploy to attract crypto newbies into Web3, she explains even the most complex topics in an easily understandable and engaging way. Further underscoring her dynamic journalism background, she has written for various sectors, including software testing (TEST Magazine), travel (Travel Off Path), and music (Mixmag). When she’s not deep into a crypto rabbit hole, she’s probably island-hopping (with the Galapagos and Hainan being her go-to’s). Or perhaps sketching chalk pencil drawings while listening to the Pixies, her all-time favorite band. This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy. I Agree Source: https://bitcoinist.com/banco-santander-and-snorter-token-crypto-services/
Share
BitcoinEthereumNews2025/09/17 23:45
Exclusive interview with Smokey The Bera, co-founder of Berachain: How the innovative PoL public chain solves the liquidity problem and may be launched in a few months

Exclusive interview with Smokey The Bera, co-founder of Berachain: How the innovative PoL public chain solves the liquidity problem and may be launched in a few months

Recently, PANews interviewed Smokey The Bera, co-founder of Berachain, to unravel the background of the establishment of this anonymous project, Berachain's PoL mechanism, the latest developments, and answered widely concerned topics such as airdrop expectations and new opportunities in the DeFi field.
Share
PANews2024/07/03 13:00
Iran’s foreign minister targeted in assassination attempt, wife killed

Iran’s foreign minister targeted in assassination attempt, wife killed

The post Iran’s foreign minister targeted in assassination attempt, wife killed appeared on BitcoinEthereumNews.com. Iran’s foreign minister was critically injured
Share
BitcoinEthereumNews2026/04/02 18:33

Score Your Share of 50K USDT

Score Your Share of 50K USDTScore Your Share of 50K USDT

Complete DEX+ tasks to unlock the Champion Wheel