The market capitalization of the GIGA meme coin increased from $614.76 million to $92.1 million after a huge sell-off. Users suspect pumping and dumping, but one trader claims malware attacks have emptied his wallet.
The GIGA market has since largely recovered to $545 million, but the substantial decline has sparked a downtrend for the meme coin.
The confusion surrounding GIGA’s temporary crash
According to data from SolscanGigachad’s (GIGA) spectacular fall was due to a single sell-off earlier in the day. The price of the meme coin was also affected, as it fell by more than 6% in the last 24 hours.
Meme Coins are known to be extremely volatile, but a drop of this magnitude has led many in the community to suspect foul play. For example, coin speculator 0xRamonos suggested that it was suspicious that a single user could have such powerful influence, and this could explain why GIGA did not recently obtained major stock market listings.
In other words, this promising coin could have been part of a pump and dump scheme. These underhanded tactics are surprisingly common in the coin industry, with very striking examples in recent weeks. However, in this case, a trader claimed he was the victim of a malware attack and his wallets were compromised:
“I just want to be transparent – the massive sell-off on GIGA today was because one of my wallets was emptied by a fake zoom link. It hurts a lot, but I will come back. I will always stay in the game. Be careful and never click on links from people you don’t know. Please learn from me,” even coin trader under the account name “Still In the Game.” wrote on X (formerly Twitter).
Although these claims are unconfirmed, this user has regularly posted about GIGA’s potential in the past. Additionally, the infamous coin trader Murad also vouched for for him as a credible account last month. However, Murad was also involved in its own coin pumps and dumpsso it might not give much credibility.
Whoever pulled off this massive sell-off was extremely ineffective at making gains. The sale was for 85 million GIGA tokens, which would have been worth $6 million previously. However, they only received $2.09 million for these assets, due to the price impact of such a dramatic act. They were transferred to a Jupiter aggregator for wrapped Solana (WSOL).
Despite this event, GIGA’s current market capitalization is still higher than it was at the beginning of the month. Yet this massive sell-off has temporarily shaken confidence in the meme coin, with the community remaining skeptical.
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