TechFlow reported on January 22 that according to Bubblemaps monitoring, Geoffrey Huntley, the developer of RALPH, a meme coin in the Base ecosystem, sold $300,000 worth of tokens, causing the token price to plummet by 80%. Geoffrey confirmed the sale, calling it a necessary "de-risking," and stated that although he could have waited for the vesting unlock after 12 hours, he chose not to. His cluster still holds 3% of the total token supply. Bubblemaps also found that shortly after the developer's sell-off, a newly funded whale wallet followed suit, selling $115,000 worth of tokens.
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