Multiple wallets dumping a large amount of SPIKE tokens caused the price to plummet by 95%

PANews reported on June 12th, according to Lookonchain monitoring, the $SPIKE token encountered a large amount of selling in the market, causing its price to plummet by 95%. Insiders purchased a large number of $SPIKE through multiple wallets and then sold 292.95 million $SPIKE in a short period of time, accounting for 29.3% of the total supply, obtaining a total of 7,056 $SOL (approximately equivalent to 1.06 million USD).