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Was Doraemon (DORAE) the Latest Solana-Based Meme Coin to Be Rug-Pulled?

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Earlier on Wednesday, the blockchain knowledge analytics account Lookonchain revealed particulars of a possible rug pull involving the Solana-based meme coin Doraemon.

This alleged rug pull precipitated a dramatic collapse within the value of DORAE, the native token of Doraemon, which plummeted by over 99% inside hours.

DORAE Rug Pull

In a submit on X, Lookonchain reported {that a} pockets recognized as 3TQYNN…yFAccW dumped roughly 2.5 million DORAE, exchanging them for 10,538 SOL, valued at $1.45 million.

Doraemon( $DORAE ) rug!🚨

Somebody dumped all 2.5M $DORAE for 10,538 $SOL($1.45M), inflicting the value to drop by greater than 99%!

1/ Some on-chain knowledge means that this particular person is probably going the developer.👇 pic.twitter.com/5sMPwILkR0

— Lookonchain (@lookonchain) June 26, 2024

In accordance with the submit, on-chain knowledge means that the pockets is probably going owned by the mission’s developer. This evaluation signifies that the deal with initially obtained about 304 SOL from a Kucoin-based pockets CEHgjR…Y45a9z. This entity used the SOL to buy 2.5 million DORAE earlier than the upsurge.

The pockets later bought the complete DORAE stash for 10,538 SOL, making 34x beneficial properties after lower than six hours of holding the tokens.

The on-chain evaluation traces the origin of the 304 SOL to a deployer pockets with the deal with CKEfb2…HQWuUR. Based mostly on this proof, on-chain analysts, together with Lookonchain, conclude that the pockets chargeable for dumping is intently linked to the deployer of DORAE tokens. Following the mass dumping of DORAE tokens, the value plummeted by a staggering 99%.

A crypto fanatic on X speculated about DORAE, suggesting that the developer behind it could be the identical particular person chargeable for launching different tokens with speedy value will increase, usually adopted by rug pulls. The sentiment expressed was that DORAE would possibly create an phantasm of producing vital wealth, whereas in actuality, the developer may rug pull it a number of instances.

Earlier, some locally celebrated the rise of DORAE, terming it “the primary cat coin to a billion.” Nonetheless, the neighborhood instantly reacted, with some calling DORAE “the best RUG of all time.”

The Rug Pull Drawback in Crypto

Because the begin of the Solana meme coin season earlier this 12 months, such occurrences have been a commonality. For example, the Solana-based meme coin Catwifhat (CIF) has suffered a number of rug pulls since its start.

In April, on-chain sleuth ZachXBT highlighted that about 12 Solana-based crypto meme cash, which raised a cumulative $26 million, had gone useless. Zach even listed a couple of founders and X accounts that everybody ought to keep away from tasks related to.

The will by crypto buyers to search for comparatively new and low market cap cash exposes them to excessive dangers of being rug pulled.

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