Solana's SPC Token Plummets From $83M to $5.9M in 24 Hours, Down Over 90%

According to BlockBeats, Solana leverage prediction market Space (SPC) plummeted from a peak market cap of $83 million to $5.9 million after launching yesterday evening, declining over 90% within a day.

Chain analysis shows top five wallet addresses control approximately 70% of token supply, with top twenty addresses holding about 80%. Major holders liquidated positions through DEX platforms including Jupiter, Raydium, and Orca following the token’s listing.