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Space, a leveraged prediction market project operating within the Solana ecosystem, faced intense selling pressure immediately after its launch with its native token, SPC.
According to the data, the token’s market capitalization rose to over $83 million shortly after its official listing, but then rapidly declined to approximately $5.9 million. Thus, SPC lost more than 90% of its value in a single day.
Market observers and on-chain analysis indicate that the decline is largely due to early-stage selling by large whales. According to data, the top five wallets control approximately 70% of the total supply, while the top twenty addresses account for up to 80%. Following the launch, these large wallets reportedly conducted significant sales through decentralized exchanges such as Jupiter, Raydium, and Orca.
On the other hand, it is stated that individual investors who bought during the rise suffered significant losses with the price crash. Community feedback revealed that some investors who participated in the pre-sale have not yet been able to claim their tokens despite the price drop.
Looking at the project’s history, several controversial points stand out. Space’s pre-sale target was initially set at $2.5 million. However, due to overwhelming demand, approximately $24 million was raised. In January, the team’s decision to retain a large portion of the funds raised due to excessive demand through a rule change sparked backlash within the community. Furthermore, the token generation event (TGE) process is known to have been postponed multiple times.
*This is not investment advice.