Wallet Linked to James Wynn Dumps 10.9M Moonpig Tokens, Triggering 50% Price Drop
A wallet allegedly tied to crypto trader James Wynn liquidated 10.9 million MOONPIG tokens ($120.2K) in rapid succession, cratering the memecoin's market cap from $14M to $9.5M within hours. Blockchain analyst @DataC5821 tracked the sell-off, which wiped out half the token's value before a partial recovery to $9.9M.
Speculation swirls around the motive—Wynn recently cited geopolitical risks for portfolio "de-risking" in a since-deleted post, but critics allege the move stems from Hyperliquid liquidation pressures. "He always 'de-risks' after getting liquidated," quipped one market observer.
The event underscores memecoins' volatility amid whale movements. No major exchanges currently list MOONPIG, limiting collateral damage to decentralized markets.
