ALT Coin (ALT) Plummets: The Shocking Reasons Behind the Crash
ALT Coin (ALT) just got wrecked—here's why traders are scrambling.
Market bloodbath: ALT nosedives as whales dump holdings.
Liquidation cascade? Check. Panic selling? Obviously. Another 'stable' asset proving crypto’s only constant is volatility.
Behind the plunge: Overleveraged longs got liquidated faster than a DeFi rug pull. Exchange reserves spiked before the drop—classic whale manipulation or just 'organic market movement'? (Sure, Jan.)
Silver lining? ALT’s now trading at levels last seen before its hype-driven pump. Bargain hunters are circling… or walking into a trap.
Remember kids: In crypto, 'fundamentals' are just bedtime stories for bagholders.
The Snipers and the Setup
The wallets first made small, low-volume trades across various tokens to avoid being identified. On July 7, at around 10:30 UTC, they struck ALT. In just 20 minutes, they secured a chunk of the token’s supply. Since ALT had low liquidity, selling even 0.5% WOULD collapse the price. Dumping 3% crushed it.
Consequently, prices tanked as panic swept across the market. While some early investors made 5–10x profits by mimicking the dumpers, most were left holding worthless bags. The profit was eventually funneled into a single wallet, raising more red flags.
Crypto Beast and the Allegations
Analyst Stygian accused Crypto Beast of promoting ALT, stating that this same entity had previously orchestrated the ALPHA scam. Skynet Insights supported this accusation, linking Crypto Beast to several rug pulls that resulted in $20 million in losses. The timing of the crash coincided with the token’s peak, hinting at possible manipulation.
Meet CryptoBeast, the biggest scammer in crypto Twitter
He rugged $ALPHA and scammed 640K of his fans for $20M
I spent 15h exposing his scam scheme and was shocked
Here's how CryptoBeast with Crypto .com robbed you👇🧵 pic.twitter.com/qn8RztdcIb
The sudden deletion of Crypto Beast’s account following ALT’s crash also raised a lot of concerns. Even though he later came back with an apology, critics aren’t buying it. The developments have raised concerns about the safety of meme coins and projects backed by influencers.
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