$BTC Memecoin USDP plummets 99% in just a few hours: An insider scam on Solana?

A new memecoin on Solana named #USDP has become the center of attention as it plummeted 99% in less than 6 hours, after reaching a market capitalization of over 150 million USD.

According to data from Dexscreener, wallets linked to the project insiders quietly dumped their holdings right after the token price surged 10 times, thanks to the influx of small retail investors. One wallet even turned 300 USD into 300,000 USD in the blink of an eye. Meanwhile, many other investors are left stuck with massive losses.

Signs indicate familiar “bundling” behavior: the internal team received a large amount of tokens through linked wallets, without going through public buy-sell transactions, holding tokens for a short time to create a false scarcity effect, and then quickly selling off when FOMO peaked.