PIGGY Token Faces Suspected Rug Pull With $4M Worth Minted and Sold

Blockchain analytics firm Arkham reports a rapid $4M PIGGY token sell-off within minutes of minting, leading to a 90% price collapse.

3d ago

Summary

Arkham detected that nearly $4 million worth of PIGGY tokens were sold into the market within ten minutes of issuance, causing the token's price to crash by 90%. The rapid sell-off has sparked suspicions of a rug pull. This incident highlights ongoing risks within the cryptocurrency market, where newly minted tokens can be dumped quickly, leading to severe losses for other holders.

Terms & Concepts

Rug pull: A type of scam in cryptocurrency where project developers suddenly withdraw liquidity, causing the token's value to collapse.
Minting: The process of creating new cryptocurrency tokens on a blockchain, often through a smart contract (self-executing blockchain code).
Arkham: A blockchain analytics platform that tracks and reports on-chain transactions and potential market manipulation.