GNON Token Plummets 95% as Founder and Top Holders Exit Amid Growing Concerns

• GNON crashes 95% as founder and top investors exit, raising concerns over future recovery amid declining liquidity and investor trust.
• Community discontent grows as GNON’s largest holder sells 20M tokens at a fraction of their peak value, deepening project doubts.
• GNON’s creator offloads holdings, sparking fears of abandonment and leading many to question the token’s longevity as a meme asset.

The GNON token has crashed over 95% from its peak, shaking investor confidence. Recently, prominent trader 0xENAS acknowledged his heavy losses on the token, adding to the grim sentiment. In a major blow, the largest GNON holder liquidated 20 million GNON in one transaction, exchanging it for 1,184 SOL—worth about $209,000—though once valued at over $3.3 million at GNON’s peak.

The $GNON price has dropped over 95% from its peak!

Trader @0xENAS even admitted his investment failure in $GNON!

The largest $GNON holder also capitulated, selling 20M $GNON for 1,184 $SOL($209K) in a single transaction, which was worth over $3.3M at the peak!… pic.twitter.com/KcrlrKNtfw

— Lookonchain (@lookonchain) October 28, 2024

Creator’s Sell-Off Deepens Price Decline

The token’s creator, known as lumpenspace, joined the exodus by offloading GNON worth $400,000 in SOL. This sell-off by the developer, using a public address, escalated the selling pressure, with traders fearing the project’s viability. Notably, the developer’s withdrawal mimicked earlier whale sales, but this sale took the token’s price to new lows, sparking further community unease.

Additionally, the sale of 20 million GNON in one transaction hastened the price collapse. Speculations arose that Lumpenspace’s actions were fueled by frustration, claiming some community members engaged in manipulative behavior, likening the group to a “cabal.”

Community Losses and Growing Skepticism

In the wake of the developer’s departure, notable GNON whales exited, selling at steep losses. Liquidity in key GNON trading pairs dwindled, leaving only $915,000 in the pool. This further limited traders’ exit options. Consequently, some called out Lumpenspace on social media, resulting in blocked accounts and heightened frustration.

The mass exodus has fueled fears that GNON may lose its place among meme tokens, despite being likened to other cult tokens like GOAT or SPX6900 (SPX). A number of wallets still hold over 1.5% of GNON’s supply, though further price drops remain a concern.

Future of GNON Remains in Question

Some hope for a potential comeback of GNON under community control, yet obstacles remain. Restoring trust and liquidity would be essential for recovery, though the token’s rapid collapse may have dampened its appeal as a meme investment. While meme tokens like PEPE have rebounded after similar exits by developers, the accelerated trajectory of GNON’s decline has created skepticism.

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