An AI-themed meme coin, RALPH, which is associated with the popular “Ralph Wiggum” meme, has suffered a dramatic collapse following the revelation that developer Geoffrey Huntley sold approximately $300,000 worth of tokens within a short span. This selloff was reported by the analytic platform Bubblemaps and resulted in an 80% drop in value, stirring up debates about the reliability and future of the coin.

What Took Place and Its Significance
Bubblemaps indicated that Huntley’s wallet, which possesses around 2% of the total supply, facilitated the selloff across three transactions, leading to a sudden decline. According to them, another associated wallet still holds about 3% of the tokens.

The fallout from this incident has led to a division of opinions among traders. While Huntley described the action as “de-risking” to safeguard against future market dips, many expressed concerns regarding the impact on trust and liquidity.

As of now, RALPH is trading at around $0.0054, a 66% drop from the previous day, and a staggering 90% below its peak value of $0.047, showcasing the coin’s volatile nature in the speculative meme market.

Huntley’s selloff comes amidst warnings from industry leaders, emphasizing caution when investing in meme coins that thrive on viral trends. The current market environment is marked by high trading volumes, reflecting distress and uncertainty among investors.