The market cap of meme coin GIGA dropped from $614.76 million to $92.1 million after an enormous selloff. Users suspect a pump-and-dump, but one trader claims that malware attacks drained his wallets.

GIGA’s market has since mostly recovered to $545 million, but the substantial drop has triggered a bearish trend for the meme coin.

The Confusion Surrounding GIGA’s Temporary Crash

According to data from Solscan, Gigachad’s (GIGA) dramatic fall was due to a single selloff earlier today. The meme coin’s price was also impacted, as it’s down by over 6% in the past 24 hours.

Meme coins are known to be wildly volatile, but a drop of this magnitude made many in the community suspect foul play. For example, meme coin speculator 0xRamonos suggested that it was suspicious that a single user could have such a powerful influence, and this might explain why GIGA only recently got major exchange listings.

In other words, this promising meme coin might have been part of a pump-and-dump scheme. These underhanded tactics are surprisingly common in the meme coin industry, with very prominent examples in recent weeks. However, in this instance, one trader claimed he was the victim of a malware attack, and his wallets were compromised:

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Author: Landon Manning