Rug Pull Sends Shockwaves Through Solana: New Memecoin Sale Causes 99% Price Drop!
In a shocking turn of events, a rug pull has occurred in the Solana-based memecoin Doraemon (DORAE), leading to a massive crash in its price.
The memecoin craze, which gained momentum in late 2023, has unfortunately attracted fraudsters to this sector. And now, even Solana-based memecoins are not immune to bad news.
According to a recent post by Lookonchain, the price of Doraemon (DORAE) has plummeted by a staggering 99%. This drastic drop was triggered by a single individual who sold all of their 2.5 million DORAE tokens for 10,538 SOL, equivalent to $1.45 million.
The wallet address associated with this large sale, “3TQYNN…yFAccW,” withdrew $41,000 from Kucoin and another wallet address, “CEHgjR…Y45a9z,” just before the sale. With this money, the individual purchased the entire 2.5 million DORAE tokens.
Within a span of less than six hours, the same wallet address sold all of the DORAE tokens for 10,538 SOL, earning a profit of 10,234 SOL (approximately $1.41 million).
Lookonchain speculates that the data suggests the wallet address likely belongs to the developer of the Doraemon project.
Prior to the rug pull, the price of DORAE was above $2. However, after this incident, the price plummeted to a mere $0.0015, representing a decline of over 99%.
The rug pull in Doraemon (DORAE) has sent shockwaves throughout the crypto community, serving as a reminder of the risks associated with investing in memecoins.
As always, it is important to exercise caution and conduct thorough research before making any investment decisions.
Disclaimer: This article does not constitute investment advice.
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