The Altcoin (ALT) memecoin witnessed a 97% drop in value over the past 24 hours. Just recently, the momentum seemed to have picked up after trading volume and social media buzz increased.
The token is now priced at $0.004807, with trading volume down from over $160 million to $6.85 million. Its market cap stands at $4.3 million.
Analyst Stygian alleged that ALT was created by Crypto Beast, which is also accused of orchestrating the $ALPHA token scam. Skynet Insights backed this claim, revealing that Crypto Beast managed to swindle over $20 million from its followers through a series of rug pulls. These shocking details came to light just as ALT was hitting its peak in trading volume.
Volume Spike Preceded Sharp Collapse
Before July 14, ALT saw a clear spike in trading activity, but it didn’t hold up for long. Volumes crashed by over 95%, showing that most traders pulled out, and confidence took a hit.
While the overall crypto market gained 3.64% in the same 24-hour window, and memecoins jumped 22% on average, ALT stayed flat with no weekly gains. That’s raised some concern among investors.
Despite the crash of ALT, Bitcoin saw a surge, jumping to $122,197.10 with a 3.73% increase and trading volume doubling to 122%. Ethereum also broke the $3,000 barrier for the first time since January. All in all, the total market cap skyrocketed to $3.81 trillion.
Also Read: Kinto Token Price Crashes 90%: Investors Accuse Team of Rugpull
