Space Token Faces Market Turbulence After Launch

Space, a prediction market project operating on the Solana blockchain, has faced intense scrutiny after its native token's value plummeted following its launch.

Data shows that the token's market capitalization rose to over $83 million shortly after listing but rapidly declined to approximately $5.9 million, resulting in a loss of more than 90% of its value within a single day.

Market observers and on-chain analysis indicate that the decline is largely due to early-stage selling by large whales, who control a significant portion of the total supply.