Free Mika Genesis Address Transfers Half Its Supply Before MIKA Price Drops About 99%

Solana-based meme coin free Mika (MIKA) fell on October 28 after a wallet sold a large amount of the token. According to Odaily, the token’s genesis address transferred about 500.44 million MIKA, roughly half of its initial supply, to another wallet; about seven seconds later, that wallet sold around 500.83 million MIKA on PumpSwap, and the short-term trading price was about 99% lower. Claims have circulated that the wallet nonce prevented the holder from transferring funds, but the transaction used a normal, recent blockhash. It remains unclear whether the sale resulted from an external attack or was made by an existing holder.