The price of Altcoin (ALT) plummeted by 54.72%, crashing to $0.004535 in 24 hours. The collapse followed a brutal 97% flash crash that wiped out millions from Altcoin’s market value. The token’s trading volume soared to over $7.1 million, yet the live market cap sank to just $4 million.
According to an X post by Crypto Beast, the recent crash was set off by a clever dump operation.The analyst claims that a group of sniper wallets took advantage of ALT token’s low liquidity and executed coordinated mass sell-offs.
The wallets can be traced back to an initial deposit of 83.3 SOL, which accounts for 3% of ALT’s total supply. They sneaked in and bought low, then sold high when retail interest peaked. In the end, they unloaded over $2.2 million worth of ALT, which led to the crash.
The Snipers and the Setup
The wallets first made small, low-volume trades across various tokens to avoid being identified. On July 7, at around 10:30 UTC, they struck ALT. In just 20 minutes, they secured a chunk of the token’s supply. Since ALT had low liquidity, selling even 0.5% would collapse the price. Dumping 3% crushed it.
Consequently, prices tanked as panic swept across the market. While some early investors made 5–10x profits by mimicking the dumpers, most were left holding worthless bags. The profit was eventually funneled into a single wallet, raising more red flags.
Crypto Beast and the Allegations
Analyst Stygian accused Crypto Beast of promoting ALT, stating that this same entity had previously orchestrated the ALPHA scam. Skynet Insights supported this accusation, linking Crypto Beast to several rug pulls that resulted in $20 million in losses. The timing of the crash coincided with the token’s peak, hinting at possible manipulation.
The sudden deletion of Crypto Beast’s account following ALT’s crash also raised a lot of concerns. Even though he later came back with an apology, critics aren’t buying it. The developments have raised concerns about the safety of meme coins and projects backed by influencers.
Also Read: Altcoin Crashes 97% Amid Scam Allegations and Panic Sell-Off
