This Trump Meme Coin Price Explodes, But Is It Too Late to Join the Party?

After Trump's shooting last weekend, a flurry of meme coins centered around this narrative were launched, aiming to capitalize on the momentum.

A new meme coin, FIGHT, has experienced an incredible surge in value, skyrocketing to a market cap of over $80 million in a single day. This rapid ascent has attracted the attention of traders, who are eager to capitalize on the potential gains.

However, a closer examination of FIGHT's price action reveals a concerning trend. According to a tweet from LookOnChain, 24 wallets, which are likely to belong to insiders or developers, invested a small amount of ETH (approximately $4,864) to acquire a significant portion of FIGHT tokens (378.45 million) before trading began.

24 wallets(insider or dev) spent 1.5 $ETH($4,864) to buy 378.45M $FIGHT(37.8% of the total supply) before $FIGHT opened trading.

These 24 wallets have sold 261.6M $FIGHT, leaving 116.8M $FIGHT($7.36M) currently, 11.68% of the total supply.

24 wallets(insider or dev) spent 1.5 $ETH($4,864) to buy 378.45M $FIGHT(37.8% of the total supply) before $FIGHT opened trading. These 24 wallets have sold 261.6M $FIGHT, leaving 116.8M $FIGHT($7.36M) currently, 11.68% of the total supply.

This large holding by a small number of wallets has enabled them to generate substantial profits by selling a portion of their tokens as FIGHT's price rose. At the time of writing, these wallets still hold 116.8 million FIGHT tokens, which are valued at approximately $7.36 million and constitute 11.68% of the total supply.

This revelation is crucial for traders who are considering investing in FIGHT. The fact that a small group of insiders has realized the majority of the gains and is continuing to sell their tokens may indicate that the optimal entry point for this meme coin has already passed.

Moreover, the involvement of insiders in the deployment of meme coins is often a red flag, as it can be used to manipulate the price and dump the tokens on unsuspecting traders.

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