The recent volatility of Gigachad’s (GIGA) market cap has left the meme coin community in a state of confusion. GIGA experienced a whopping drop from $614.76 million to $92.1 million following a massive selloff. This sudden market fluctuation led to suspicions of a potential pump-and-dump scheme. However, a singular trader is attributing the plummet to malware attacks that have reportedly drained his wallets.
Despite the enormous fall, GIGA’s market has pulled itself back up to a significant extent, standing at $545 million. However, this roller-coaster ride has triggered a bearish trend in the meme coin’s trajectory.
The Solscan data reveals that the drastic fall of GIGA is a result of a single selloff that took place earlier today. The price of the meme coin has also been affected, marking a decline of over 6% in the last 24 hours.
The unpredictability of meme coins is well-known within the community. However, a drop of this scale raises concerns and questions. Meme coin speculator, 0xRamonos, pointed out the suspicious influence of a single user, which could hint at GIGA being a part of a potential pump-and-dump scheme.
These deceptive tactics are not uncommon in the meme coin landscape, with several notable examples emerging in recent weeks. However, in this particular case, a trader, who goes by the account name ‘Still In the Game’, claimed that his wallets were compromised due to a malware attack.
In a post, he shared his experience, stating that his massive sell on GIGA was a result of a fake zoom link that drained one of his wallets. He took this opportunity to warn others about the potential risks and advised them to avoid clicking links from unknown sources.
While these claims are yet to be confirmed, this user has consistently expressed optimism about GIGA’s potential in the past. Meme coin trader Murad, known for his own involvement in pump-and-dumps, has also vouched for him. However, this endorsement might not add much credibility given Murad’s track record.
Interestingly, the entity responsible for the massive sale failed to fully capitalize on it. The sale involved 85 million GIGA tokens, worth $6 million before the sale. However, due to the dramatic price impact, they managed to secure just $2.09 million. These assets were then transferred to a Jupiter Aggregator for Wrapped Solana (WSOL) tokens.
Even after the storm, GIGA’s current market cap is higher than what it was at the beginning of the month. However, the massive sale has temporarily dented the confidence in the meme coin, leaving the community skeptical and cautious. As the dust settles, only time will tell how GIGA recovers from this seismic event in its journey.
