Adam22 has announced the launch of a new memecoin on the Solana blockchain, which reportedly experienced a rapid increase in market capitalization from $500,000 to $4 million shortly after its deployment. However, this surge was followed by a swift decline, with insiders allegedly selling their holdings, causing the market cap to plummet to $400,000 within five minutes. The memecoin was deployed just half an hour before the announcement, raising concerns about the integrity of the launch and the potential for insider trading. Observers have noted the rapid fluctuations in value and the immediate sell-off following the initial hype surrounding the coin.