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Insiders Made $1M, Outsider Lost $111K in 5 Minutes
By: bitcoin ethereum news|2025/05/03 20:15:01
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TL;DR The cryptocurrency space, which sometimes reeks of degenerates, has struck again. In the past few days, a meme coin named after the bishop of Rome and the leader of the Catholic Church has exploded in popularity. In the past several hours alone, a few big moves made the CT news, with insiders allegedly dumping, while one investor lost over $110,000 in minutes. With exchanges such as GateIo and MEXC rushing to add the new meme coin sensation for trading for their users, it’s no wonder that the asset’s value shot up by several thousand percent in hours. According to some reports, its market cap exceeded $300 million at one point before it crashed. It’s hard to verify this data on independent third-party data aggregators, such as CoinGecko and CoinMarketCap, as it’s missing at press time. CoinGecko even says it has removed the POPE coin from its platform. The meme coin’s website claims that 35% of the 1B max supply will go to the Catholic Church. 25% will be for creators and marketing, and only 100 million will be for public distribution. It also asserts that it was created “in support of the Pope and the Catholic Church, with proceeds going to the church and its initiatives around the globe.” “POPE was created to support a future Pope who champions cryptocurrency and decentralization-fostering empowerment, global impact, and spiritual connectivity,” the website also reads. Lastly, the slogan is “a meme coin so holy, it blesses every transaction.” Not sure how blessed was this transaction by a developer or an insider who made over $1 million in two hours by dumping tokens to the community. The POPE madness also resulted in a substantial loss for one trader who decided to FOMO in. According to Lookonchain, they lost $111,000 in just under five minutes. Don’t FOMO trade. This guy lost $111K on $POPE in under 5 minutes. He spent 200K $USDC to #FOMO buy $POPE , but right after his purchase, the price dropped sharply. In a panic, he sold for just $89K—burning $111K in minutes.https://t.co/R27uhqIzA4 pic.twitter.com/TkYXH5bPPc — Lookonchain (@lookonchain) May 3, 2025 LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin! Source: https://cryptopotato.com/pope-meme-coin-madness-insiders-made-1m-outsider-lost-111k-in-5-minutes/
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