TLDR
- John Daghita’s memecoin LICK launched on the Pump.fun platform and briefly reached a market cap of $915,000.
- The LICK token crashed 97% within its first day of trading, dropping to below $25,000.
- Blockchain investigator ZachXBT traced wallets tied to John Daghita that are believed to be connected to US government crypto seizures.
- Bubblemaps revealed that the LICK token deployer held 40% of the total supply at launch, raising concerns about centralization.
- The US Marshals Service confirmed that they are investigating the matter, though further details were not provided.
A cryptocurrency wallet, linked by blockchain investigators to a suspected theft of US government-controlled crypto holdings, has launched a Solana-based memecoin. The token, named John Daghita (LICK), quickly saw a massive surge in value before collapsing. Within a day, the token lost 97% of its market capitalization, sparking renewed scrutiny over memecoin launches and token distribution risks.
Memecoin John Daghita (LICK) Experiences Sudden Crash
The John Daghita token, created on the Pump.fun launchpad initially saw a brief market capitalization peak of about $915,000. However, it plummeted below $25,000 shortly after. Blockchain data shows that the token deployer made four acquisitions before the rally, while the token’s market cap was still under $21,000.
Investigators have pointed out a concerning pattern. ZachXBT, a blockchain investigator, traced wallets connected to John Daghita. He linked these wallets to crypto assets believed to be seized by the US government in 2024 and 2025. On Friday, he stated that these wallets might have been accessed without authorization.
A spokesperson from the US Marshals Service confirmed the investigation but refrained from offering further details. This has raised questions about whether Daghita, reportedly the son of Dean Daghita, president of Command Services & Support (CMDSS), gained unauthorized access to these funds.
High Token Concentration Raises Concerns
Bubblemaps, a blockchain data visualization platform, revealed that 40% of the total LICK token supply was controlled by the deployer at launch. This high concentration of supply is often viewed as a red flag in early-stage token launches. It suggests the potential for coordinated actions such as liquidity manipulation or a rug pull.
John Daghita (@lick), who stole $40M from the US government, just launched $LICK on pumpfun and is live streaming on Telegram
He holds 40% of the supply
Unhinged https://t.co/jUku6wIfXg pic.twitter.com/apZQojKnuz
— Bubblemaps (@bubblemaps) January 27, 2026
The deployer, John Daghita, has been accused of stealing $40 million from the US government. Bubblemaps pointed out that Daghita held 40% of the LICK token supply during its launch. This move adds to the growing concerns about the risks tied to memecoin distributions.
Blockchain experts have often warned that such high concentrations of supply can lead to crashes. It raises the likelihood of insiders pulling out liquidity or staging a sell-off. In the case of LICK, the sharp drop in value has fueled these fears.
Past Memecoin Scandals Raise Red Flags
The collapse of the LICK token echoes the pattern of other infamous memecoin crashes. One notable incident occurred in March 2025, when the WOLF token dropped 99%, erasing nearly $42 million in market value. Similar to LICK, the WOLF token’s deployer held 80% of the supply at launch.
These incidents highlight the risks of heavily centralized token distributions. They have raised concerns about the lack of regulation and transparency in the launch process for many memecoins.
