- GAIN dropped over 90% from its peak after 5 billion tokens were minted from the Null address.
- Top 10 wallets held 98.43% of supply, creating high market concentration and volatility.
- Despite $84.69 million in volume, liquidity stayed under $700K, limiting the market’s ability to absorb large sell orders.
Griffin AI (GAIN), which launched yesterday on Binance Alpha, experienced severe market instability within its first 24 hours. The token’s price dropped sharply by 72.06%, falling to $0.023332 after reaching a high of $0.276417 earlier in the day. The extreme price movement followed an unexpected surge in token supply that placed immediate downward pressure on the market.
5 Billion GAIN Tokens Minted from Null Address
According to a Wu Blockchain post on X, on-chain data confirmed that , wallet address 0xF3…8Db2 minted 5 billion GAIN tokens. The tokens were created directly from the Null address 0x00…0000, increasing total supply to 5.2985 billion. Within minutes, the same wallet sold 147.5 million GAIN tokens on PancakeSwap. The transaction netted 2,955 BNB, which was then bridged out through deBridge infrastructure.
The sudden minting was followed by heavy sell pressure. GAIN dropped from its peak of $0.276417 to as low as $0.005017. This loss exceeded 90% in value within hours. Price action showed large red candles, marking a sharp decline. One-hour trading volumes surged, peaking at 3.5 million tokens during the highest activity window.
Top 10 Wallets Control 98.43% of Circulating Supply
On-chain records showed significant wallet concentration. The top 10 wallets held 98.43% of the token’s circulating supply. This created an imbalanced market, limiting broader holder distribution and increasing volatility. At the time of reporting, GAIN had 4,440 holders.
Despite a 24-hour trading volume of $84.69 million, liquidity remained limited at $698,720 on PancakeSwap. This imbalance prevented the market from absorbing large sales, causing sharp price drops during the sell-off phase. The 7-period moving average (MA7) was recorded at $0.101539, placing the current price well below short-term averages.
No data was available for MA25 and MA99 due to GAIN’s recent listing. Price movement remained under consolidation, hovering around the $0.02 level after the collapse. As of the latest update, GAIN’s market capitalization stood at $5.48 million on the Binance Smart Chain. The price showed minor stabilization around $0.023332 but remained significantly lower than peak values recorded earlier in the day.
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