MIKA Token Crashes 99% After Influencer Posts Dev Wallet's Private Key
- —The token hit a $1.6 million market cap within three minutes of launching on pump.fun
- —About 500.83 million MIKA were sold on PumpSwap seven seconds after the key was posted
- —Market cap collapsed to $85,500, a drop of roughly 99%
- —In the relaunch one wallet held half the supply and the token fell about 84%
Why it matters: Another botched influencer memecoin launch reinforces skepticism toward celebrity tokens and the risks of concentrated supply.
Source: Coinspeaker