Solana Memecoin RALPH Crashes 80% After Dev Sells $300K Holdings

Solana-linked memecoin RALPH recently faced a sudden 80% price drop after its developer, Geoffrey Huntley, sold approximately $300,000 of his holdings. The token had surged from a modest launch valuation to a peak market cap of nearly $59 million. Huntley described the sale as a sensible way to manage risk following several weeks of considerable gains.

The sell-off sparked significant backlash from the community. Many claimed that the execution during low-liquidity hours triggered panic and caused a sharp decline in market value. Its market capitalization fell from approximately $50 million to $8–10 million. Although volatility stabilized later in the day, it remains a concern in this speculative market segment.

RALPH’s Origin and Rapid Ascent

The RALPH token was launched on the Solana blockchain. It is part of the BAGS ecosystem, leveraging the “Ralph Wiggum Technique” developed by Geoffrey Huntley. This technique involves using repeated AI prompts to perform cost-effective software tasks. The token features a 99% royalty fee to Huntley for ongoing support, merging meme culture with AI functionalities.

Initially, the token had a low market cap but surged to over $100,000 within two weeks, with traders seeing gains of over 100x driven by whale purchases and high trading volume. Bubblemaps revealed that many tokens were concentrated in clusters, with Huntley owning between 2% and 3% of the total supply.

However, before the vesting period ended, Huntley sold some tokens associated with his holdings. He confirmed on X that the sale was part of his personal investment strategy, following substantial profits he had already made.

Sell-off Action Fuels Mixed Reactions

The community’s response on X was immediate and divided. Many labeled the event a rug pull, citing Huntley’s earlier assurances against large sell-offs, despite fee claims exceeding 1,000 SOL. Critics pointed to sales routed through aggregators like Jupiter, suggesting that the execution was coordinated from side wallets.

Supporters, however, argued that the action was in line with the disclosed risks of memecoins with low market caps, which are known for their extreme price volatility. Adding to the downturn, another large investor sold $115,000 worth of tokens, worsening the market crash and sending valuations into the single-digit millions.

Meanwhile, Huntley has remained active, providing regular updates and allocating certain fees towards liquidity support and token purchases. His remaining holdings and the mechanics of royalty distribution are in line with community interests, although trust in him has diminished.

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