This week, multiple wallets associated with RFC sold off in large quantities, triggering a significant sell-off and panic in the cryptocurrency market.
However, despite the chaos, analysts believe that the overall bullish structure of meme coins remains intact.
RFC whales sold off, leading to a 40% price drop.
As of the writing of this article, the price of Retard Finder Coin (RFC) has dropped nearly 40%, trading at $0.052. Considering that the token recently surged 1000% driven by memes, Elon Musk, and whales, this marks a stark contrast to its previous rapid rise.
Before this crash, a series of large-scale liquidation events were associated with related wallets. According to on-chain analyst Crypto Fries, the sell-off began when a group of wallets coordinated to sell a large number of RFC tokens. The involved wallets collectively sold over 200,000 tokens.
Reports indicate that all proceeds eventually flowed into a deposit address on Binance. This suggests a coordinated liquidation event that triggered the 'pin' phenomenon on the OKX Web3 K-line chart, reflecting a flash crash and rebound.
Crypto Fries wrote: "Viewing the K-line in the OKX web3 browser, panic triggered a pin prick sensation."
Analysts remain optimistic about RFC prices.
Despite the crash, some analysts remain cautiously optimistic. This includes X (Twitter) trader Milan.btc, who noted that as the RFC price tests the lower key support level, it will quickly rebound.
"RFC looks weak in the short term, but the macro structure remains unaffected. Wick broke below support and quickly recovered—this is what we call spring," he stated.
According to analysts, the market cap of Retard Finder Coin could exceed $100 million. According to CoinGecko data, as of the writing of this article, the market cap of RFC tokens is $50,216,279.
The token's violent fluctuations reflect its unusual origin story. RFC was born from a controversial meme culture rooted in satire of American socio-political issues.
This article gained attention primarily through the @IfindRetards X account and caught the attention of Elon Musk and his mother, Maye Musk. Both interacted with the content of the article and helped it go viral quickly.
Top holders like analyst Wolfy_XBT have been actively supporting the RFC token, emphasizing the psychological fluctuations experienced while holding RFC during its ups and downs. Wolfy detailed his journey from buying a similar meme coin, Retard, to completely shifting to RFC after it was launched by the same viral X account.
He pointed out that Musk's interaction with meme narratives and the broader 'attention economy' is a key factor in his belief.
"Before buying memes, I only ask myself two questions. Does it attract widespread attention? Is it short-term attention or long-term attention? RFC meets both criteria," Wolfy wrote.
This aligns with Justin Sun's considerations before buying meme coins. According to BeInCrypto, the founder of Tron and global advisor to Huobi prioritizes the ability of meme coins to attract public attention before investing.
He also evaluates real community engagement, not just the number of followers, and believes that the success of meme coins requires tremendous effort, similar to developing a major crypto platform.
"I will check real social interactions. Are those likes genuine or just nonsense? Do they have significant influence? Do people really believe in them? Additionally, I will meet the founders, see their material, and look at the memes and videos they produce. I will see if this is the right video and social interaction," Justin Sun stated.
However, Wolfy_XBT acknowledged recent volatility and suggested gradually taking profits in the $50 million to $60 million market cap range.
Although the wave of liquidations exposed RFC's vulnerability in the face of massive whale exits, the rebound on the OKX exchange was like a pin, indicating continued interest from retail investors. The project still occupies a significant share on social media, with search volume on Google Trends continuing to climb.
It is worth noting that the line between cult status and collapse is very blurred for tokens built on memes and controversy.
