Trader Loses $150,000 on Scam Altman Token After Elon Musk’s Tweet
A single Solana pockets misplaced about $150,000 shopping for Scam Altman (SCAM) close to the highest of its launch. The dealer bought near the underside after SCAM crashed 95% in 24 hours, on-chain analytics agency Bubblemaps reported.
The identical tackle, tagged AuKRRB…L7sN, additionally dropped roughly $81,000 on UNC and $14,000 on ASTEROID in earlier trades. The three-token streak put mixed realized losses at about $245,000 in a single week.
How the Scam Altman Trade Went Wrong
The Scam Altman token launched on Pump.enjoyable this week as Elon Musk’s lawsuit in opposition to Sam Altman and OpenAI opened in federal court in Oakland.
Musk spent a lot of the morning calling the OpenAI chief “Scam” Altman throughout a number of X posts. Solana merchants learn the nickname as a tradable meme and raced to mint a token earlier than rivals may.
Within eight hours, SCAM hit a market cap above $10 million on roughly $19.6 million of quantity. The peak briefly approached $20 million earlier than sellers stepped in.
The reversal was equally quick. SCAM shed near 88% of its worth over the subsequent 24 hours. The drop from the highlighted pockets’s entry to its exit reached about 95%.
What Bubblemaps Showed
Bubblemaps shared a put up with a visualization of SCAM holders that flagged clusters of interconnected wallets. That sample usually indicators insider distribution or coordinated shopping for on Solana meme coin launches.
The map positioned pockets AuKRRB…L7sN inside an lively purchaser cluster close to the highest of the chart. Bubblemaps shared a direct map so merchants may examine the pockets relationships themselves.
The identical dealer’s earlier picks inform an identical story. Wallet AuKRRB…L7sN purchased UNC and ASTEROID after every token had already pumped, suggesting late-entry timing on Solana tickers.
A Familiar Pump.enjoyable Cycle
Tokens launched on Pump.enjoyable rarely survive a full trading week. Galaxy Research has argued the meme coin economic system rewards bots and snipers, whereas retail merchants take in a lot of the losses.
Industry compliance figures put Solana rug pull losses at roughly $500 million in 2024 alone.
SCAM adopted the acquainted template. A hype-driven launch attracted retail consumers, early holders distributed into the demand, and the chart collapsed within hours.
The token had no whitepaper, no workforce, and no product. Its solely narrative was Musk’s recurring nickname for Sam Altman throughout the OpenAI trial.
Sam Altman’s present crypto enterprise, Worldcoin (now rebranded as World), had no connection to SCAM. The meme coin was an unaffiliated joke commerce riffing on the courtroom drama.
Whether SCAM stabilizes or fades will seemingly rely on how lengthy the Musk and Altman feud dominates crypto X. For the dealer behind AuKRRB…L7sN, the invoice has already arrived.
The put up Trader Loses $150,000 on Scam Altman Token After Elon Musk’s Tweet appeared first on BeInCrypto.
