Odaily Planet Daily reports: On October 28, the Solana ecosystem meme coin free mika (MIKA) experienced a sharp decline. The genesis address transferred approximately 500.44 million tokens to another wallet, accounting for about half of the initial supply. Approximately seven seconds later, this wallet sold around 500.83 million MIKA tokens on PumpSwap, causing the short-term trading price to drop by nearly 99% compared to the previous level. Some claim that a wallet nonce issue prevented the key holder from transferring funds, but this transfer used a recent, valid blockhash; it remains unconfirmed whether this sale originated from an external attack or an existing holder.
Solana meme coin Free Mika's Genesis address transfers half its supply, price drops 99%
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Summary
Free Mika (MIKA), a Solana-based crypto price asset, experienced a 99% drop in value on October 28, 2026, after the genesis address moved nearly half its supply. The wallet transferred 504.4 million tokens and subsequently sold 500.83 million on PumpSwap. Price analysis indicates the move triggered a near-total collapse. The transaction used a standard blockhash, but the motive remains unclear—whether it was a holder dump or an exploit.
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