The LUCE token experienced a sharp decline of approximately 70%, with most trading activity occurring on Bybit's futures and spot markets. Previously listed on Binance Alpha Market, LUCE's market capitalization dropped from $27 million to $7 million following a large sell-off by the wallet GCvHhEUYQwTJ8jyf8Lc4bv8jBXyZU4LMMsZCobwEPzvM, which sold around $1 million worth of LUCE in a single day. This sell-off is suspected to be driven by a market maker. The decline has led to substantial losses for investors; one notable holder who purchased 19.14 million LUCE tokens at $0.0275 each saw unrealized profits peak at $5.2 million but now faces a loss of $335,000 after the crash. The recent downturn is part of a broader exit of liquidity from meme tokens. Additionally, a whale investor who invested $16.41 million across tokens PNUT, ai16z, and arc has incurred a cumulative loss of $9.98 million, with PNUT alone accounting for a $4.975 million loss after being fully liquidated two weeks ago. These developments indicate a challenging period for several cryptocurrency assets and investors.