GIGA Market Cap Drops Nearly 85% After Massive Sell-Off

The market capitalization of the meme coin GIGA has decreased from $614.76 million to $92.1 million after a major sell-off. Users suspect this to be a Pump & Dump case, but a trader claims that malware attacks have drained his wallet. The GIGA market has somewhat recovered to $545 million, but this significant decline has triggered a downward trend for this meme coin.

The Decline in GIGA's Market Capitalization

According to data from Solscan, the severe drop in Gigachad (GIGA) is due to a single large sell-off this morning. The price of this meme coin has also been affected, declining more than 6% in the past 24 hours. The decline in Giga's market capitalization. Source: DEX Screener Meme coins are known for their high volatility, but a drop of this magnitude has raised suspicions of fraud within the community. For example, meme coin investor 0xRamonos suggested that a single user having such a strong impact is suspicious, and this may explain why GIGA has only recently been listed on major exchanges. In other words, this promising meme coin may have been part of a pump and dump scheme. These unhealthy tactics are quite common in the meme coin industry, with recent prominent examples. However, in this case, a trader claimed that he was the victim of a malware attack, and his wallet was compromised:

"I just want to be transparent - the big GIGA sell-off today was due to one of my wallets being drained from a fake zoom link. This is painful, but I'll be back. I'll always be in the game. Be careful out there, and never click on any links from people you don't know. Learn from me,"

the meme coin trader with the account name 'Still In the Game' wrote on X (formerly Twitter).

While these claims are unverified, this user has consistently posted about GIGA's potential in the past. Additionally, the famous meme coin trader Murad claimed to be a trustworthy account last month. However, Murad has also been involved in meme coin pump and dump schemes of his own, so this may not carry much credibility. The perpetrator of this large sell-off was very ineffective in realizing their profits. This sell-off was for 85 million GIGA tokens, previously worth $6 million. However, they only received $2.09 million for these assets, due to the price impact of such a strong sell-off. These tokens have been transferred to a Jupiter Aggregator for Wrapped Solana (WSOL) tokens. Despite this event, GIGA's current market capitalization is still higher than the beginning of the month. However, this large sell-off has temporarily shaken the confidence in the meme coin, as the community remains skeptical. Join the BeInCrypto Community on Telegram to stay updated on the latest analyses and news about the financial markets in general and cryptocurrencies in particular.