Gas Town (GAS) tumbles ~98% to $1.1M after creator Steve Yegge distances himself; other Bags launchpad tokens also plunge

first published 2026-01-19T19:19:47Z

Altcoin Ai Solana Price Trading Ico Market Memecoin

Steve Yegge’s viral endorsement of Gas Town drove GAS to a $60M valuation on Jan. 15; four days later he apologized and stepped back, triggering a 98% collapse to about $1.1M. The sell-off occurred amid an AI token frenzy on the Solana Bags launchpad, where RALPH fell from nearly $50M to about $12M and RedwoodJS crashed after developers denied endorsement. Jupiter’s tracker shows Bags’ share of launchpad activity slid from 42% on Jan. 15 to 16% on Jan. 18.

AI Analysis

Yegge’s endorsement drove GAS to $60M on Jan. 15, then his public distancing and apology four days later coincided with a 98% collapse to $1.1M; other Bags tokens (RALPH, RedwoodJS) also plunged and Jupiter shows Bags’ market share fell from 42% to 16%, indicating concentrated, rapid price moves.

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