Altcoin Plummets 97% Following Scam Allegations and Investor Exodus

The Altcoin (ALT) memecoin suffered a catastrophic 97% collapse within 24 hours, erasing nearly all its value amid accusations of fraudulent activity. Once buoyed by surging trading volumes and social media hype, the token now trades at a mere $0.004807 with liquidity evaporating—daily volume cratered from $160 million to $6.85 million.

Blockchain analytics firm Skynet Insights exposed crypto Beast, the alleged creator of ALT, as the mastermind behind multiple rug pulls including the $ALPHA token scam. The scheme reportedly siphoned $20 million from investors before the coordinated dump. Trading activity tells the story: a fleeting volume spike preceded the implosion, with 95% of market participation vanishing overnight.

While the broader crypto market gained 3.64% and memecoins rallied 22% on average, ALT's stagnation signals profound distrust. The token's $4.3 million market cap stands as a cautionary monument to the risks lurking in unvetted projects.