A US-Linked Altcoin Experiences a 97% Crash on Its First Day! Here’s What Happened!

An interesting incident occurred in the US, with a memecoin based on Solana (SOL), a cryptocurrency wallet allegedly linked to the theft of crypto assets controlled by the US government.

However, this memecoin later experienced a major crash.

The token named John Daghita (LICK) was created on the Pump.fun memecoin launch platform and, according to on-chain data, lost approximately 97% of its value on its first day of trading shortly after its release.

The token briefly reached a market capitalization of approximately $915,000 but subsequently experienced a 97% crash, dropping its market value below $25,000.

Pump.fun data revealed that the deployer address (the address that launched the token) made four separate purchases when the token was still at a low market value.

Furthermore, according to data from the blockchain platform Bubblemaps, the company that launched LICK held 40% of the total supply at launch. This level of concentration is often seen as a warning sign in early-stage token launches and is generally considered an early signal of a rug pull or a major sell-off and sudden dump risk in the market.

Blockchain researcher ZachXBT tracked wallets linked to John Daghita; these wallets reportedly held tens of millions of dollars in crypto assets believed to have been seized by the US government in 2024 and 2025. The US Marshals Service confirmed that an investigation is underway.

*This is not investment advice.