Earlier today, a newly created token wallet spent 470,000 USDC to buy 10.19 million $RALPH tokens, a new Pump.fun-based memecoin that saw quick growth in its market cap, reaching as high as $50 million.
However, on-chain data indicates that $RALPH is merely the most recent addition to the rapidly growing list of tokens targeted for pump and dump transactions.
Wreck it RALPH: Crypto edition
According to an X post by on-chain investigating account Lookonchain, shortly after the 10.19 million $RALPH token purchase, the token crashed. The newly created wallet, starting with FYqRpV, sold all his holdings for 114,861 USDC, losing $355,000 in a matter of hours.
Another post by Bubblemaps, a visual analytics platform that investigates wallets and maps token activity, confirmed that the $RALPH token developer sold $300,000 worth of tokens, causing a brutal 80% price pullback.
Notably, the developer’s wallet address still holds close to 3% of the supply, raising fears that another price dump may be on the horizon. The developer sold the $300,000 worth of tokens in three separate transactions.
Later, the developer described the event as “necessary de-risking.” However, a freshly funded wallet sold $115,000 worth of $RALPH tokens shortly after the developer had dumped the tokens.
Naturally, the token’s price has cratered. According to data from Dexscreener, $RALPH price has plummeted from $0.046 to $0.01.
Crypto pump and dump season
While the vast majority of crypto market participants are eagerly awaiting the so-called altseason, which sees a huge rise in the price of all cryptocurrencies besides BTC, recent developments seem to suggest otherwise.
On the contrary, it appears that the current market narrative is all about inflating the value of a memecoin and then pulling the rug from under the holders, leaving them with substantial losses.
In similar news, Solana-based memecoin White Whale crashed 60% due to panic selling among holders after a whale sold all their holdings.
