SCAM meme coin crashes and plunges 95%; a trader loses $150k

According to on-chain analysis firm Bubblemaps, on April 29, a Solana wallet address, AuKRRB…L7sN, bought in during the early listing phase of the Scam Altman token (ticker: SCAM) when it was close to its high point, losing approximately $150k; within 24 hours, SCAM’s market cap shrank by about 88%, and the drop from the time it was bought from that wallet to the time it was sold reached roughly 95%.

Background and Market Cap Trend of the SCAM Token Listing

(Source: Bubblemaps)

Based on Bubblemaps’ April 29 report and CoinGecko data, this week’s SCAM token launched on Solana’s token issuance platform Pump.fun, overlapping with the time when the lawsuit involving Sam Altman and OpenAI was being heard in Oakland federal court. On that day, Musk, in multiple public posts on the X platform, referred to OpenAI CEO Altman as a “Scammer.”

Within eight hours after its launch, SCAM’s market cap broke above $10 million, with trading volume of about $19.6 million; at one point, the market cap peak was close to $20 million. According to CoinGecko data, SCAM’s market cap then fell by roughly 88% over the following 24 hours. The SCAM token has no whitepaper, development team, or real product; the only basis for discussion is Musk’s public label for Altman during the OpenAI lawsuit. Sam Altman’s crypto project Worldcoin (now renamed World) has no connection to the SCAM token.

Loss Record of the Wallet AuKRRB…L7sN

According to Bubblemaps’ April 29 on-chain analysis, the wallet address AuKRRB…L7sN bought after the token prices had already risen, both when holding UNC and when holding ASTEROID. Bubblemaps’ holder distribution chart places this wallet within the active buyer group for SCAM, and the chart also marks clusters of related wallets; Bubblemaps notes that this kind of clustering pattern is typically related to internal distribution or coordinated buying behavior during the issuance of Solana meme coins.

Industry Data: The Loss Pattern of Pump.fun Tokens

Based on research data from Galaxy Research, the tokenomics models of tokens issued on Pump.fun tend to reward bots and early snipers, with retail investors absorbing most of the losses. Galaxy Research data shows that losses estimated from rug pull events on Solana in 2024 are about $500 million.

Frequently Asked Questions

What are the market cap trend and the drop of the SCAM token?

According to CoinGecko data and Bubblemaps’ April 29 report, within eight hours after listing, SCAM’s market cap was close to $20 million, then shrank by about 88% within the next 24 hours; from the buy time point of wallet AuKRRB…L7sN to the time it was sold, the drop reached roughly 95%.

How much is the total loss over one week for the trader who lost $150k?

According to Bubblemaps’ on-chain analysis, within the same week, the wallet address AuKRRB…L7sN suffered a total loss of about $245,000 from holding three tokens: SCAM (about $150k), UNC (about $81,000), and ASTEROID (about $14,000).

Is the SCAM token associated with any current crypto project of Sam Altman?

According to related reports, the SCAM token has no association with Sam Altman’s crypto project Worldcoin (now renamed World); the SCAM token has no whitepaper, development team, or real product—its only basis for discussion is Musk’s public label of Altman during the OpenAI lawsuit.