The popular frog-themed meme token, $BRETT, has experienced a notable decrease in value recently. This decline has prompted early investors to start selling their tokens in order to make a profit, as reported by the renowned on-chain analytics provider SpotOnChain. The analytics company highlighted that the rise in the token’s price led to the early buyers cashing out.
According to SpotOnChain, a total of five “insider” wallets collaborated to deposit 71.76 million $BRETT tokens (equivalent to $9.94 million) into the crypto exchanges Gate.io, KuCoin, and Bybit over the past 32 hours, resulting in a drop in the token’s price after each transfer.
Early $BRETT Investors Offload Tokens for Profit.
SpotOnChain revealed that these insider wallets coordinated their actions to take advantage of profit opportunities. The wallets deposited a significant amount of $BRETT tokens into various exchanges, with a combined value of nearly $9.94 million within the last thirty hours.
Five Wallets Deposit 71.76M Tokens Leading to Price Declines.
Moreover, SpotOnChain indicated that each token deposit contributed to substantial price decreases. The analytics platform disclosed that these wallets, part of a group of around fifteen wallets, traded 4.9 $ETH tokens valued at approximately $14.4K for 1.86 billion $BRETT tokens, accounting for 18.6% of the total supply.
These transactions took place within just forty-five minutes of $BRETT’s launch on February 25th. SpotOnChain claimed that one of the wallets still holds 941.4 million $BRETT tokens, worth almost $132 million.
Shortly before the price drop, $BRETT experienced a surge in value, surpassing its previous all-time high of $0.14. Additionally, the token reached a market capitalization of $70 billion, with reports suggesting that its listing on the popular exchange KuCoin fueled the price increase.
