[DigitalToday reporter Yoonseo Lee] One Solana wallet bought the memecoin 'Scam Altman' (SCAM) near its peak and then sold during the plunge, booking a realised loss of $150,000 (about 223 million won), data showed.

Blockchain outlet BeInCrypto reported on April 29 local time that onchain analytics firm Bubblemaps said SCAM fell nearly 95 percent in 24 hours and that a specific wallet address, AuKRRB...L7sN, suffered a large loss in the process.

The trade coincided with the start this week of court proceedings in a lawsuit Elon Musk filed against Sam Altman and OpenAI in a U.S. federal court in Oakland. Musk previously called OpenAI Chief Executive Sam Altman (샘 알트먼) “Scam Altman” several times in posts on X, formerly Twitter, and Solana traders turned the nickname into memecoin material.

SCAM was launched on Pump.fun and topped a market value of $10 million within 8 hours, with trading volume of about $19.6 million. At its peak, its market value neared $20 million. It then lost about 88 percent of its value over 24 hours as selling surged. The wallet identified by Bubblemaps entered effectively near the peak, and its loss reached about 95 percent as of the sale.

Bubblemaps published a map of SCAM holdings and said it detected clusters of connected wallets. The firm said such patterns often suggest insider distribution or coordinated buying in the early stages of Solana memecoin launches. The AuKRRB...L7sN wallet was included in a wallet cluster that bought actively near the top of the chart.

The wallet’s losses were not limited to this trade. The same address previously lost about $81,000 on UNC and about $14,000 on ASTEROID. Total realised losses across the three tokens over a week were estimated at about $245,000. The wallet was analysed as having entered late after both tokens had already surged.

SCAM’s price action resembles a pattern repeated in Pump.fun-based memecoins. Overheated interest draws in retail money, and early holders sell when demand concentrates, causing the chart to collapse quickly. SCAM also drew trading on a single nickname Musk used for Altman, despite having no white paper, development team or product.

Galaxy Research recently said the memecoin ecosystem works in favour of bots and snipers, while losses are mostly borne by retail investors. Industry compliance tallies showed losses from Solana-based rug pulls totalled about $500 million in 2024.

The case shows how quickly memecoins built on conflicts between famous figures can overheat and collapse. SCAM drew a rush of trading in a short period on the buzz around Musk’s comments and the OpenAI lawsuit, but demand formed without a clear project substance could not withstand sharp selling pressure. With similar high-risk trades repeating in the Solana memecoin market, investors need to examine wallet distribution, liquidity and possible insider holdings along with early price surges.

Interesting how it works Elon puts up his own money, rounds up the absolute best AI talent on the planet, leverages every connection he has to secure serious resources, and launches OpenAI in 2015 as a pure non-profit explicitly created to develop AI for the benefit of… https://t.co/JofdNfYN8D