As a researcher, I find the allegations of a rug pull in the Doraemon (DORAE) project deeply concerning. The sudden collapse of the token’s price, which plummeted by over 99% within hours, raises serious red flags.
On Wednesday earlier this week, the cryptocurrency analysis account Lookonchain disclosed information about a possible rug pull incident involving the Solana meme token Doraemon.
The sudden and significant drop in the value of DORAE, the native token associated with Doraemon, occurred when allegations of a rug pull surfaced. This event resulted in a catastrophic price decline, with the token losing over 99% of its worth within just a few hours.
DORAE Rug Pull
As an analyst, I’ve come across a noteworthy finding in a recent post by Lookonchain. They revealed that wallet address 3TQYNN…yFAccW transferred around 2.5 million DORAE tokens, which were subsequently converted into approximately 10,538 SOL. The value of this transaction was estimated to be roughly $1.45 million.
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.
— Lookonchain (@lookonchain) June 26, 2024
Based on the provided post, my analysis as an analyst reveals that the on-chain data points towards the wallet in question being owned by the developer of the project. The wallet, identified by the address CEHgjR…Y45a9z, initially obtained approximately 304 SOL from a Kucoin exchange. Subsequently, it utilized this Solana (SOL) to acquire around 2.5 million DORAE tokens prior to the price surge.
As a researcher examining the transaction data, I discovered that the wallet successfully sold its entire holdings of DORAE tokens for an impressive 10,538 SOL within just a few hours of acquisition, resulting in a significant 34-fold return on investment.
As a crypto investor conducting my own research, I’ve come across some concerning findings based on on-chain analysis. Specifically, the origin of 304 Solana (SOL) coins can be traced back to a deployer wallet with the address CKEfb2…HQWuUR. This discovery, supported by analysts such as Lookonchain, suggests a strong connection between the wallet that initiated a massive sell-off and the deployer of DORAE tokens.
As a researcher studying the cryptocurrency market, I’ve come across intriguing speculation regarding DORAE from a dedicated crypto follower on platform X. They hypothesized that the person behind DORAE’s development might be the same individual responsible for launching other tokens with meteoric price increases, only to eventually orchestrate “rug pulls.”
Previously, there were some in the cryptocurrency community who hailed the emergence of DORAE as “the first cat coin to reach a billion-dollar market cap.” But almost instantly, others labeled it as “the most notorious rug pull in history.”
The Rug Pull Problem in Crypto
Starting this year, there have been numerous instances of rug pulls in the meme coin market on the Solana platform, with Catwifhat (CIF) being a prime example that has experienced this issue multiple times since its inception.
In the month of April, cryptocurrency investigator ZachXBT brought attention to approximately 12 meme coins built on the Solana blockchain, which collectively amassed $26 million in funding. Notably, Zach provided a warning against certain founders and X accounts, advising the public to steer clear of projects linked to them.
Investing in lesser-known, low-market cap cryptocurrencies carries a significant risk for investors due to the potential for “rug pulls.” This means that the project team may suddenly abandon the project or manipulate the coin’s price, resulting in substantial losses for investors.
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2024-06-26 15:52