Sharpei (SHAR), a memecoin on the Solana network, was launched just 12 hours ago (October 23, 2024) but has already experienced a 90% price drop. Allegations of a rug pull have arisen after a wallet holding 50% of the token supply sold all its assets, generating $3.3 million.
Sharpei (SHAR) Memecoin Suspected of Rug Pull
The controversy surrounding Sharpei intensified after its official account released a video claiming collaborations with several Key Opinion Leaders (KOLs) on platform X. The project suddenly drew attention after a large wallet holding 50% of the token supply sold off its entire holdings, causing the price to crash by 90% and raising $3.3 million from the sale.
This memecoin had reached a market capitalization of nearly $60 million before plummeting to just $3.5 million.
Several well-known KOLs, such as Lark Davis (@TheCryptoLark) and Crypto Rover (@rovercrc), were reportedly involved in promoting this token, though some have denied their involvement. Screenshots displaying the list of KOLs were also circulated by ZachXBT, a crypto detective known for uncovering scams in the crypto industry.
Some KOLs listed in the screenshots, such as Sisyphus (0xSisyphus) and PattyIce (@patty_fi), have stated that they never collaborated with the project. These denials raise further questions about the authenticity of the collaboration claims and the transparency of the Sharpei project.
This incident underscores the risks present in the memecoin landscape, where investors must remain vigilant and thorough before diving into new projects, especially those lacking a clear track record.
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