Base Memecoin $BRETT Plummets 34% Amid 81% Insider Ownership Scandal

The cryptocurrency $BRETT, a Base memecoin, faced significant market turmoil after revelations that 81% of its supply was held by insiders at launch. This insider dominance led to a steep 34% decline in its value within 24 hours. Despite this, the coin's market cap briefly fell below $400 million but has since rebounded to $404 million, reflecting an 18% increase in just four hours. Critics argue that such a high percentage of insider ownership undermines the fairness of the launch, comparing it unfavorably with other cryptocurrencies like $COINYE, which are perceived to have more equitable distributions. The controversy has sparked discussions about the integrity of memecoin launches and the practices of major cryptocurrency exchanges.