The Prices of 5 Chest Coins and These 2 Altcoins Crashed! Here are the Reasons for the Decline

The Solana-based chest coin market has experienced volatility this week. A massive sell-off by insiders in the chest coin called SPIKE caused the price to drop by 95%. Other tokens such as LEVER and ZKsync have also seen declines, while the US politically themed Chest coin market has also lost more than 13% in the last 24 hours. These developments once again reveal the risks of chest coin investments and the importance of doing detailed research.

Solana-based breast coin experienced a decline in price

While investor interest in Solana (SOL)-based chest coins continues, a large sell-off in a chest coin caused the price to crash. According to Lookonchain’s post, investors who had insider information about the chest coin called SPIKE started selling tokens like crazy shortly after the token was launched.

Insiders received large amounts of SPIKE through multiple wallets. However, he soon sold 292.95 million SPIKE, which corresponds to 29.3% of the total supply, for 7,056 SOL ($1.06 million). These sales caused the SPIKE price to drop by 95% in a short time. At the time of writing, SPIKE continues to trade at $0.00887, with a 78.8% decrease in the last 24 hours. The incident attracted great reaction on platforms such as Twitter. Many users argued that precautions should be taken against such manipulations by individuals with inside information.

There is also a decrease in other chest coins

The decline in SPIKE also affected other Solana-based chest coins. Coins such as SAMO and SOLAPE also lost significant value. According to TheBlock reporting on June 12, the US political-themed Chest coin market has taken a big hit, with its market value dropping more than 13% in the last 24 hours. FreeTrump token (TRUMP) led the decline, falling 45%. MAGA (TRUMP), which has the largest market value, fell 13%. The chest coin market has been showing a lot of volatility lately. Investors should consider the risks of these types of tokens and conduct detailed research before investing.

Experts emphasize that memecoin investments are quite risky and detailed research should be done before investing. It is also necessary to be careful against manipulations of individuals with insider information in such investments.

LEVER and ZKsync also saw declines

However, there were declines in some tokens other than Solana-based chest coins. On June 12, according to market data, LEVER fell below $0.0025 and is currently trading at $0.002473. This means a 24-hour decline. Additionally, the over-the-counter price of the ZKsync (ZK) token dropped discontinuously to around $0.35 on June 12, representing a drop of more than 40% in 24 hours.