$SPIKE Faces Massive Sell-Off, Drops 95% Amid Insider Activity and Security Breach

The cryptocurrency $SPIKE has experienced a dramatic 95% price drop due to significant insider selling.

Insiders initially acquired large amounts of $SPIKE through multiple wallets before offloading 292.95 million $SPIKE tokens, representing 29.3% of the total supply, for 7,056 $SOL (approximately $1.06 million) in a short span of time.

Compounding the issue, a recent report from the team’s official handle on X confirmed a major security breach. One of the core team members was hacked, resulting in the draining of nearly all of the team’s supply.

The statement assured that the drained supply has finally been sold on the market and that the team’s wallets are no longer compromised by the hacker.

Despite the severe decline in $SPIKE’s value, there is a glimmer of hope. The Mexc trading platform announced the conclusion of the @originalspike Kickstarter and confirmed that $SPIKE will be listed on MEXC.

Deposits are now open, and SPIKE/USDT trading in the Innovation Zone is set to begin on June 12, 2024, at 15:00 (UTC).

This series of events highlights the volatility and risks associated with cryptocurrency investments, as well as the importance of security and trust within the crypto community. Investors and observers will be keenly watching how $SPIKE performs on the MEXC platform and whether it can recover from this setback.

Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.