Doraemon (DORAE), a meme coin built on Solana, recently experienced a rug pull, resulting in a staggering 100% loss for DORAE holders totaling $1.45 million. The incident involved the deployer of Doraemon selling 2.5 million DORAE tokens for 10,538 Solana tokens, equivalent to $1.45 million. Following this, the perpetrator received 304 SOL from KuCoin and another wallet, using the funds to purchase 2.5 million DORAE tokens, which were then swiftly sold for SOL within six hours. This chain of events led to a drastic 99% price drop in Doraemon, shedding light on the risks and volatility associated with new crypto projects. Rug pulls, like this one, underscore the importance of thorough research and caution in the cryptocurrency space, as investors can suffer significant losses due to deceptive practices. Read more AI-generated news on: https://app.chaingpt.org/news