Doraemon $DORAE Rug Pull: Developer Suspected of Dumping 2.5M
Doraemon ($DORAE) has experienced a catastrophic rug pull, with someone dumping all 2.5 million $DORAE tokens for 10,538 $SOL, equivalent to $1.45 million. As reported by @Lookonchain. This massive sell-off caused the price of $DORAE to plummet by more than 99%.
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. pic.twitter.com/5sMPwILkR0
— Lookonchain (@lookonchain) June 26, 2024
On-Chain Data Analysis
Dumping Wallet Details: The wallet responsible for the dump is identified as 3TQYNN...yFAccW. On-chain data indicates that this wallet received 304 $SOL ($41K) from KuCoin and CEHgjR...Y45a9z six hours ago to purchase the 2.5 million $DORAE tokens.
Dumping Event: Approximately one hour ago, the same wallet sold all the $DORAE tokens for 10,538 $SOL ($1.45M), netting a profit of 10,234 $SOL ($1.41M) in under six hours.
Developer Involvement: Further investigation into on-chain transactions reveals that the wallet CEHgjR...Y45a9z, which initially transferred funds for the purchase, received 215.7 million $DORAE from the deployer wallet CKEfb2...HQWuUR. This strongly suggests that the wallet dumping $DORAE is linked to the developer.
Implications and Community Reactions
This event highlights the risks associated with investing in new and unverified tokens. The apparent involvement of the developer in the rug pull has led to a significant breach of trust within the community.
The Doraemon ($DORAE) rug pull serves as a stark reminder of the importance of due diligence in the cryptocurrency space. Investors are urged to verify the credibility and transparency of projects before committing their funds.
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