Report: Wallets allegedly linked to a US government asset seizure case issued a memecoin, which then plummeted 97% in price

Reported by Bijie Network: According to Bijie Network, the wallet involved in the case of allegedly stealing encrypted assets from the US government has launched the meme coin LICK on the Solana chain. The coin plummeted by about 97% on its first day, with its market value dropping from $915,000 to less than $25,000. On-chain data shows that the project team held 40% of the token supply at launch, raising concerns in the market about the risks associated with highly concentrated token holdings.