The memecoin craze, which started at the end of 2023, also directed fraudsters to this sector.
At this point, while Solana-based memecoins came to the fore among investors, bad news came from a SOL-based memecoin.
According to Lookonchain's post, the price of the memecoin named Doraemon (DORAE) dropped by 99%.
Accordingly, one person sold all of his 2.5 million DORAE for 10,538 SOL ($1.45 million), causing the DORAE price to drop by more than 99%.
According to the data, the wallet named “3TQYNN…yFAccW”, which made a large sale and caused the price to crash, withdrew 41 thousand dollars from Kucoin and another wallet named “CEHgjR…Y45a9z” shortly before the sale and bought 2.5 million DORAE with all of this money.
This wallet then sold the entire DORAE for 10,538 SOL, earning 10,234 SOL (worth $1.41 million) in less than 6 hours.
Lookonchain stated that the data shows that the wallet probably belongs to the developer of the project.
The price of DORAE, which was over 2 dollars before the event, dropped by more than 99% after the rug pull, falling to 0.0015 dollars.
Doraemon( $DORAE ) rug!🚨
Someone dumped all 2.5M $DORAE for 10,538 $SOL($1.45M), causing the price to drop by more than 99%!
1/ Some on-chain data suggests that this person is likely the developer.👇 pic.twitter.com/5sMPwILkR0
— Lookonchain (@lookonchain) June 26, 2024
*This is not investment advice.
