DePIN Project SPACECOIN Explodes on Its First Day of Listing? Suspected Project Team Dumps 150 Million $SPACE, Community Sparks Outrage

Cryptocurrency market today (23rd) focuses on the newly launched SPACECOIN ($SPACE) project. Shortly after the token officially went live, reports emerged of suspected large-scale on-chain movements by the project team or institutions cashing out, raising alarms among investors. The price also experienced significant volatility as a result.

On-chain data shows abnormal transfers, sparking community suspicion of selling pressure

Several crypto KOLs on X (formerly Twitter) disclosed that a wallet address believed to be associated with the SPACECOIN project team or institutions has been continuously transferring large amounts of tokens on BNB Chain. On-chain data indicates that this address has transferred out approximately 150 million $SPACE tokens, while still holding about 500 million.

Notably, these transfers are mostly done in small batches and spread across multiple newly created addresses. This pattern has often been interpreted by the market as an attempt to avoid direct market sell-offs, possibly for OTC trades or preparing for further selling pressure, quickly sparking community discussion.

Official response has not yet been provided

The news spread rapidly after being reposted or commented on by accounts like Wu Shuo Blockchain (@wublockchain12), MMSnews, and others. Some KOLs directly stated, “Whales are starting to sell,” while some users warned that such on-chain behavior resembles actual selling pressure rather than mere liquidity management.

BscScan data shows that SPACECOIN on BNB Chain has recently seen continuous large transfers from an address suspected to be associated with the project team or institutions, with a total outflow of about 150 million tokens. The address still holds around 500 million tokens. The transfers are mostly in batches, with destinations including multiple new addresses. https://t.co/5aYCwhRzAL

— Wu Shuo Blockchain (@wublockchain12) January 23, 2026

However, up to now, the SPACECOIN team has not issued any statement or clarification regarding these wallet transfers. The official @spacecoin account continues to post positive updates, including satellite deployment milestones, strategic partnership with World Liberty Financial (WLFI), and token swap news, without directly addressing community concerns.

There are also opinions suggesting that these transfers could have various legitimate reasons, such as team allocations, liquidity provisioning, token unlock schedules, or other lawful operations. Currently, there is no concrete evidence to confirm malicious dumping, and the true nature of the event remains to be further investigated.

Project background: Focus on DePIN and satellite network applications

SPACECOIN ($SPACE) is a blockchain-based decentralized physical infrastructure network (DePIN) project. Its core goal is to provide global, permissionless, censorship-resistant satellite network connectivity through a Low Earth Orbit (LEO) nano-satellite constellation.

The project aims to offer affordable internet access—about $1 to $2 per month—to billions of people in underserved or restricted regions. It has completed multiple satellite launches and tests, including an experimental achievement called the first-ever “space routing end-to-end blockchain transaction.”

Volatility was intense on the first day of listing

According to public information, January 23, 2026, marked the token generation event (TGE) and peak listing day across multiple platforms for $SPACE . The project has now been listed on Binance Alpha, OKX, and other exchanges.

However, on its first day of trading, it faced suspected dump FUD (fear, uncertainty, doubt), causing sharp price swings. Data from OKX shows that after listing at 8 PM today, the price of $SPACE surged to $0.05 but then quickly fell back, reaching a low of $0.0166. At the time of writing, it was around $0.0195, with very high volatility.