Meme Coin DORAE Plummets; Developer Suspected of Rug Pull
- Developer dumps 2.5M $DORAE, causing a 99% price plummet.
- Lookonchain finds a developer link in the DORAE rug pull.
- Crypto community clamors for regulation after the DORAE scam.
Lookonchain Exposes: Meme Coin DORAE Downfall
Another day another scam in the crypto landscape, according to market intelligence firm Lookonchain someone dumped 2.5 Million DORAE tokens for 10,538 SOL. This move adversely impacted the price causing the price to drop by more than 99%.
Unweaving the Rug Pull-In Doraemon (DORAE)
In a shocking turn of events, the Doraemon cryptocurrency (DORAE) has suffered a catastrophic price drop, exceeding 99%, following a massive sell-off by a single entity.
On-chain data analyzed by blockchain analytics firm Lookonchain points to the possibility that the developers themselves might be behind this devastating move.
Source: X
The wallet in question, identified as 3TQYNN...yFAccW, offloaded a staggering 2.5 million DORAE tokens for 10,538 Solana (SOL), equivalent to $1.45 million.
This transaction sent ripples through the market, triggering an immediate and severe devaluation of the DORAE token.
Connections to the Deployer
Further investigation reveals that the same wallet had acquired the 2.5 million DORAE only six hours prior, using 304 SOL ($41K) received from Kucoin and another wallet, CEHgjR...Y45a9z. The rapid turnaround resulted in a profit of 10,234 SOL ($1.41 million), showcasing a well-timed trade with significant returns.
Source:X
Adding to the intrigue, the wallet CEHgjR...Y45a9z is reported to have received a colossal 215.7 million DORAE directly from the deployer wallet "CKEfb2...HQWuUR". This connection suggests a coordinated effort and implicates the deployer in the sudden market movement.
Community Reaction
The cryptocurrency community has been left reeling from this event, with many investors facing substantial losses. The incident has sparked discussions about the need for greater transparency and regulation in the crypto space to prevent such occurrences.
Source: X
The community reacted strongly to the news. A user named Crypto with Khan (SFZ) commented, "Every day, thousands of these stories come out, but greed will never stop and these will flourish no matter what." Another user chimed in, suggesting that "these people must be in jail for this."
Members of the crypto community also raised questions about how the price managed to pump to such a huge market cap.
Conclusion
The Lookonchain report has shed light on a potential rug pull involving the Doraemon cryptocurrency, where the developer is suspected of orchestrating a sell-off that led to a dramatic price collapse. This event serves as a stark reminder of the risks inherent in the cryptocurrency market and underscores the importance of due diligence and caution when investing in digital assets.
