Robinhood Chain Meme Coin FABLE Soars 990-Fold, Then Crashes 90% After Creator Disavows It
Summary
- Robinhood Chain-based meme coin FABLE surged more than 990-fold in a day before its market capitalization plunged more than 90%.
- After project creator Kevin Ngo said his social media account had been hacked and that he did not endorse any token, the market capitalization fell again to about $560,000.
- The creator’s denial of any connection to FABLE drove volatility to extreme levels.
Forecast Trend Report by Period
FABLE, a meme coin on Robinhood Chain, soared more than 990-fold in a single day before its market capitalization plunged more than 90% after the project’s creator said his account had been hacked.
Digital-asset media outlet BlockBeats reported on September 1 that FABLE’s market capitalization briefly exceeded $10 million. It then tumbled more than 90% in two minutes after Kevin Ngo, identified as the project’s creator, said his social media account had been hacked. The market capitalization at one point fell to $452,400.
It later rebounded above $2 million in about 10 minutes, only to drop again to about $560,000 after Ngo repeated: “I was hacked. I do not endorse any token.”
Earlier, Odaily reported that FABLE’s market capitalization briefly topped $8.5 million that day, marking a gain of more than 990 times over 24 hours. The token had drawn market attention as an experimental project in which the AI agent “Claude Fable 5” was building a website and issuing a token.
But after the creator denied any connection to the token, price swings became extremely volatile.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.