SOIL Disputes Allegations of Insider Dumping on XRP Ledger

On-chain investigator Skeptic ignited the controversy on June 26, presenting data that traced significant sell pressure to specific wallets. According to the analyst, these accounts received thousands of SOIL tokens directly from the issuer before immediately liquidating them for XRP. Skeptic highlighted specific transactions, including one wallet that swapped 68,766 SOIL for 11,457 XRP, arguing that such activity signaled a calculated dump rather than organic price discovery.

SOIL representatives dismissed the findings, asserting that the flagged addresses were merely bridge wallets rather than internal accounts. They attributed the volatile price action to intense buying pressure hitting thin liquidity on decentralized exchanges, which caused temporary discrepancies between trading venues. While the project maintains that its launch functioned as intended, Skeptic countered that the team simply failed to account for the actual demand, characterizing the execution as either gross incompetence or malicious intent. The dispute unfolds as SOIL prepares to integrate with the XRP Ledger’s forthcoming native lending protocol, which recently cleared a security re-audit by Halborn.