Brett, the popular frog-themed meme token known as $BRETT, has experienced a notable drop in value recently. This has prompted early investors to sell their tokens in order to make a profit, as reported by SpotOnChain, a well-known on-chain analytics provider. The analytics firm highlighted that the rise in the token’s price led to the early buyers selling off their holdings.
In the past 32 hours, five “insider” wallets collectively deposited 71.76 million $BRETT tokens (equivalent to $9.94 million) to exchanges such as Gate.io, KuCoin, and Bybit. This influx of tokens caused the price to decrease after each transaction.
SpotOnChain revealed that these early buyers were selling off their coins to make a profit. The platform stated that up to five insider wallets collaborated to deposit the tokens into various crypto exchanges, resulting in a total value of nearly $9.94 million over the last thirty hours.
These deposits led to significant price drops for the coin. Additionally, SpotOnChain disclosed that these wallets were part of a larger group of around fifteen wallets that exchanged 4.9 $ETH tokens (valued at approximately $14.4K) for 1.86 billion $BRETT tokens, which make up 18.6% of the total supply.
These transactions took place within just forty-five minutes of the coin’s creation on February 25th. SpotOnChain claimed that the wallets still hold 941.4 million $BRETT tokens, worth almost $132 million.
Prior to this decline in price, Brett coin experienced a bullish trend, surpassing its all-time high of $0.14 and reaching a market capitalization of $70 billion. The token’s listing on KuCoin reportedly fueled this price surge.