Doraemon (DORAE), a meme coin primarily based on Solana, has fallen sufferer to a rug pull.
This incident has resulted in almost 100% losses for DORAE holders, amounting to $1.45 million.
Doraemon Rugged For $1.45 Million
LookOnChain, a blockchain knowledge evaluation agency, reported that somebody associated to the Doraemon deployer dumped 2.5 million DORAE tokens for 10,538 Solana tokens, valued at $1.45 million. The perpetrator obtained 304 SOL from KuCoin and one other pockets and used these funds to purchase 2.5 million DORAE tokens.
This particular person then dumped all of the DORAE tokens for SOL inside six hours. Curiously, the deployer pockets later despatched 215.7 million DORAE to a different pockets. This chain of occasions led to a 99% value drop in Doraemon, with indications pointing to the venture’s developer.
“From the on-chain knowledge, it’s clear that the pockets dumping 2.5M DORAE is said to the deployer of DORAE,” LookOnChain wrote.
Following the rug pull, the totally diluted valuation (FDV) and market capitalization of Doraemon now stand at solely $140, in response to DEXScreener knowledge. This collapse highlights the volatility and dangers related to rising cryptocurrency initiatives.
Learn extra: Crypto Challenge Safety: A Information to Early Risk Detection
Rug pulls have turn into a big concern throughout the cryptocurrency market, particularly in decentralized finance (DeFi). This rip-off entails builders abruptly withdrawing liquidity from a venture, leaving traders with substantial losses. Such scams happen in initiatives the place builders management liquidity swimming pools or good contracts, exploiting their entry to empty funds.
The aftermath usually leaves traders feeling betrayed and helpless, watching their investments vanish. This misleading apply erodes belief within the crypto market and highlights the significance of thorough due diligence.
Doraemon mirrors earlier occasions the place notable figures confronted backlash for selling questionable initiatives. Not too long ago, singer-songwriter Jason Derulo confronted criticism for endorsing a meme coin that plummeted by 72% inside minutes, elevating rip-off allegations.
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