Solayer Token Plummets, Wiping Out $350M as Investors Panic Over Massive Unlock

Crypto Market Shocked by Solayer's 35% Crash

Solayer's token just took a nosedive, crashing nearly 35% in the last 24 hours and now trading at a measly $1.75. That's a brutal 47.8% drop from its peak of $3.39 back on May 5. The market's buzzing, with a staggering $1.26 billion in LAYER traded in the last day - a mind-blowing 179% surge, according to CoinGecko's numbers.

Upcoming Token Unlock Sparks Sell-Off Frenzy

The reason behind this wild ride? Investors are freaking out over a huge token unlock set for May 11. Tokenomist's data shows it'll unleash over 27 million tokens - that's a whopping 13% of the total supply, worth a cool $46.7 million. Everyone's bracing for even more selling pressure. And that's not all - this event kicks off a long-term vesting plan, with the foundation getting new tokens every three months until 2030. Buckle up!

Whale's "Scam Exit" Adds Fuel to the Fire

But wait, there's more! Data suggests a whale pulled a sneaky move during Asia's trading hours, dumping their position and sending the price into a tailspin. A user on X called it a "scam exit" on May 6, saying the wallet quietly opened a massive short via perpetual futures, tanked the funding rates, then slowly sold off their long position. Talk about a double whammy!

$LAYER (SOLAYER) - the scam exit happening in real-time. Looks like the large supply holder is making a quiet exit today during the Asia session, 5 days ahead of the unlock. -Built a massive short via perp, pushing funding down. -Slowly unwinding spot long. The gig is up.

Rumors are swirling that this trader raked in profits despite the crash, with some X users claiming it was all part of a planned exit involving over-the-counter token sales and short positions. Talk about a masterclass in manipulation!

Solayer's $350M Loss Reverses Months of Gains

Solayer's market value has tanked by a staggering $350 million after this brutal drop, wiping out most of its impressive 460% gains from February to early May. Investors are in shock at how fast the price fell. The long/short ratio has flipped to 1.45, with some traders betting on a comeback, but with volatility through the roof, others are bracing for more pain.

Solayer Stands Firm Despite Market Turmoil

But the Solayer team isn't backing down. They're sticking to their guns, insisting their project is rock solid. Solayer's all about that hardware-accelerated blockchain life, aiming for speeds of over one million transactions per second. And don't forget their Solayer Emerald Card, letting users spend USD Coin (USDC) with Visa, and even play nice with Apple Pay and Google Pay. They're not going down without a fight!