Whale Front-Runs Retail Traders, SPC Plunges Over 90% Within a Day

BlockBeats News, April 30th, according to GMGN data, Solana's leveraged prediction market Space (token SPC) saw its market cap surge to over $83 million yesterday evening after officially listing and trading, then experienced a sharp decline, with the current market cap now at only $5.9 million, plummeting over 90%.

A comprehensive consensus from the community and on-chain analysis indicates that early whales and internal wallets conducted massive sell-offs: the top five addresses control about 70% of the token supply, while the top twenty addresses control about 80%. Multiple whale addresses sold off substantial amounts via DEXs such as Jupiter, Raydium, and Orca shortly after the launch. Community feedback revealed that presale participants were unable to claim their tokens even after the price collapse. The project initially aimed to raise only $2.5 million in the presale, but actually raised around $24 million. The team sparked controversy in January by changing the rules to retain most of the oversubscribed funds and subsequently delayed the TGE multiple times.