According to @lookonchain, insiders have been aggressively dumping $SPIKE, leading to a 95% drop in its price. These insiders acquired a significant amount of $SPIKE through multiple wallets and then sold 292.95 million $SPIKE, which represents 29.3% of the total supply, for 7,056 $SOL (approximately $1.06 million) in a short period. This large-scale sell-off has had a severe impact on the market value of $SPIKE.