Billy Markus, co-founder of Dogecoin (DOGE), spoke yesterday about the massive drop in Martin Shkreli Inu tokens. Markus sarcastically expressed the shock of the massive fall. Here are the details…
Dogecoin founder talks about altcoin falling 90 percent
The token, released by the notorious Martin Shkreli alias “Pharma Bro,” has dropped 90 percent. This drop occurred on Friday. Many people think that the “exit scam” is behind the sudden drop. According to the outspoken Dogecoin inventor, the collapse of the Martin Shkreli token is the most shocking thing to happen since the Squid Game (SQUID). Markus most likely said it ironically.
this is the most shocking thing since squid game token
— Shibetoshi Nakamoto (@BillyM2k) August 12, 2022
SQUID was a meme coin released after the popular Netflix series Squid Game. Many people invested in the project, thinking that it was started by the producers of the series, although there was no official announcement. However, as we have also reported as Kriptokoin.com, it was actually a rug-pull. So, it was fraud. Investors were put in a difficult position as the team behind SQUID took the funds and fled. The clue to the scam was obtained by tracking a transaction in which 3 million SHIB tokens worth $125 million were purchased. The funds were originally sent through several wallets, possibly to conceal their origin. There were also several transactions that totaled $125 million.
A wallet transferred tokens to the market
The collapse of Martin Shkreli Inu is different from SQUIDs. The reason for the huge drop in the value of Martin Shkreli Inu came after an unidentified wallet dumped a large amount of tokens onto the market. The wallet is believed to belong to Martin Shkreli. According to blockchain data, a crypto wallet called 0xshkreli.eth moved 160 billion units to the anonymous wallet yesterday. Then, it didn’t take long for the tokens to be released. Commenting on the development, Shkreli noted that he was attacked.
By the way, it is worth noting that Shkreli had a bad reputation in the past. He was once referred to as the “most hated man” in the United States after raising the price of a potentially life-saving drug in the country. Shkreli was arrested for securities fraud. However, he regained his freedom earlier this year. So, as soon as he gets out of prison, he may have stumbled upon a cryptocurrency scam. However, there is no definitive information on the subject.
The value of the tokens transferred to the market is quite high. According to Etherscan, which tracks blockchain transactions, a series of blockchain transactions transferred more than 160 billion tokens to an unidentified wallet early Friday. Transactions in cryptocurrencies are recorded in a public ledger. Still, verifying the identity of the people performing these transactions is difficult in the anonymous crypto world. Martin Shkreli Inu is affiliated with Druglike, a Web3 project by Shrkeli that launched in July. He described it as a software platform that provides resources to those interested in “early-stage drug discovery projects.”
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