A single Solana wallet lost about $150,000 buying Scam Altman (SCAM) near the top of its launch. The trader sold close to the bottom after SCAM crashed 95% in 24 hours, on-chain analytics firm Bubblemaps reported.
The same address, tagged AuKRRB…L7sN, also dropped roughly $81,000 on UNC and $14,000 on ASTEROID in earlier trades. The three-token streak put combined realized losses at about $245,000 in a single week.
How the Scam Altman Trade Went Wrong
The Scam Altman token launched on Pump.fun this week as Elon Musk’s lawsuit against Sam Altman and OpenAI opened in federal court in Oakland.
Musk spent much of the morning calling the OpenAI chief “Scam” Altman across multiple X posts. Solana traders read the nickname as a tradable meme and raced to mint a token before competitors could.
Within eight hours, SCAM hit a market cap above $10 million on roughly $19.6 million of volume. The peak briefly approached $20 million before sellers stepped in.
Scam Altman (SCAM) Market Cap. Source: CoingeckoThe reversal was equally fast. SCAM shed close to 88% of its value over the next 24 hours. The drop from the highlighted wallet’s entry to its exit reached about 95%.
What Bubblemaps Showed
Bubblemaps shared a post with a visualization of SCAM holders that flagged clusters of interconnected wallets. That pattern often signals insider distribution or coordinated buying on Solana meme coin launches.
The map placed wallet AuKRRB…L7sN inside an active buyer cluster near the top of the chart. Bubblemaps shared a direct map so traders could inspect the wallet relationships themselves.
The same trader’s earlier picks tell a similar story. Wallet AuKRRB…L7sN bought UNC and ASTEROID after each token had already pumped, suggesting late-entry timing on Solana tickers.
A Familiar Pump.fun Cycle
Tokens launched on Pump.fun rarely survive a full trading week. Galaxy Research has argued the meme coin economy rewards bots and snipers, while retail traders absorb most of the losses.
Industry compliance figures put Solana rug pull losses at roughly $500 million in 2024 alone.
SCAM followed the familiar template. A hype-driven launch attracted retail buyers, early holders distributed into the demand, and the chart collapsed within hours.
The token had no whitepaper, no team, and no product. Its only narrative was Musk’s recurring nickname for Sam Altman during the OpenAI trial.
Sam Altman’s existing crypto venture, Worldcoin (now rebranded as World), had no connection to SCAM. The meme coin was an unaffiliated joke trade riffing on the courtroom drama.
Whether SCAM stabilizes or fades will likely depend on how long the Musk and Altman feud dominates crypto X. For the trader behind AuKRRB…L7sN, the bill has already arrived.
The post Trader Loses $150,000 on Scam Altman Token After Elon Musk’s Tweet appeared first on BeInCrypto.
Source: https://beincrypto.com/trader-lost-big-scam-altman-token-elon-musk-tweet/
