A newly issued Solana-based token called ALT collapsed almost completely overnight, wiping out nearly all of the value it had amassed during a rapid rally earlier in the week. ALT was introduced on 8 July and surged by about 1,000% in its first five days, lifting its market capitalisation to roughly $177 million. Trading volume peaked at around $175 million before tumbling to $40 million within a minute, according to market-data trackers. Prices reversed late on 13 July, plunging roughly 94% and cutting the project’s market value to about $8.4 million. Crypto-market monitoring services attributed the crash to large-scale sales by developers and other early holders. ALT had been heavily promoted online by the influencer known as Cryptobeastreal.