Binance Alpha New Coin GAIN Goes to Zero on First Day of Trading, with an Abnormal Extra Issuance of Approximately 5 Billion Tokens Flooding the Market

BlockBeats News, September 25, yesterday, the new coin Griffin AI (GAIN) that went live on Binance Alpha experienced a one-sided price drop starting at 7:27 AM Beijing time today, plummeting over 95% in less than 1 hour, reaching a low of $0.005. It is currently trading at $0.00758, with a market cap on BSC of only $2.58 million.

According to BscScan data, the originally planned total supply of 1 billion tokens, with a circulating supply of 235 million GAIN, has now been inflated to 5.29 billion. The largest holder owns 4.854 billion GAIN, accounting for 91.61% of the total supply, and has been continuously transferring funds to the PancakeSwap V3 pool address (which was paused at the time of writing). The official team has not yet made any statement regarding this situation.