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The market cap of meme coin GIGA dropped from $614.76 million to $92.1 million after an enormous selloff. Users suspect a pump-and-dump, but one trader claims that malware attacks drained his wallets.
GIGA’s market has since mostly recovered to $545 million, but the substantial drop has triggered a bearish trend for the meme coin.
The Confusion Surrounding GIGA’s Temporary Crash
According to data from Solscan, Gigachad’s (GIGA) dramatic fall was due to a single selloff earlier today. The meme coin’s price was also impacted, as it’s down by over 6% in the past 24 hours.
Meme coins are known to be wildly volatile, but a drop of this magnitude made many in the community suspect foul play. For example, meme coin speculator 0xRamonos suggested that it was suspicious that a single user could have such a powerful influence, and this might explain why GIGA only recently got major exchange listings.
In other words, this promising meme coin might have been part of a pump-and-dump scheme. These underhanded tactics are surprisingly common in the meme coin industry, with very prominent examples in recent weeks. However, in this instance, one trader claimed he was the victim of a malware attack, and his wallets were compromised:
“Just want to be transparent – the massive sell on GIGA today was due to one of my wallets being drained by a fake zoom link. This hurts bad, but I will be back. I will always stay in the game. Please be careful out there, and never click any links from those you don’t know. Please learn from me,” meme coin trader under the account name ‘Still In the Game’ wrote on X (formerly Twitter).
Although these claims are unconfirmed, this user has consistently posted about GIGA’s potential in the past. Additionally, infamous meme coin trader Murad also vouched for him as a credible account last month. However, Murad has also been involved in his own meme coin pump-and-dumps, so this might not lend much credibility.
Whoever conducted this massive sale was extremely inefficient in actualizing gains. The sale was for 85 million GIGA tokens, which would’ve been worth $6 million beforehand. However, they only got $2.09 million for these assets, due to the price impact of such a dramatic act. These were transferred to a Jupiter Aggregator for Wrapped Solana (WSOL) tokens.
Despite this event, GIGA’s current market cap is still higher than it was at the start of the month. Yet, this massive sale has temporarily shaken confidence in the meme coin, as the community remains skeptical.