A recent event involving the Doraemon token ($DORAE) has sparked significant concern within the crypto community, as detailed by Lookonchain, a blockchain analytics platform.
Rapid Transaction, Rapid Decline
Lookonchain previously covered a stunning market maneuver from earlier today involving the Doraemon token. Midday yesterday, a single entity dumped 2.5 million $DORAE tokens in exchange for approximately 10,538 SOL (valued at about ~$1.45M) – resulting in an instantaneous -99% correction on the token’s price.
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
Besides the fact that this huge transaction had an impact on market prices, it also aroused suspicion of a rug pull since what seemed like the developer’s wallet is related to all of these tokens.
The transaction sequence began when the wallet, identified as “3TQYNN…yFAccW,” received 304 SOL (valued around $41,000) from exchanges such as Kucoin. This wallet then bought a further 2.5 million $DORAE, but sold all of these tokens within six hours gaining a profit of around 10,234 SOL (approx $1.41m) This quick turnover and large profit have raised questions of possible orchestrated market manipulation.
Investigative Leads and Developer Involvement
Lookonchain further analyzed that the seller’s wallet might be connected to $DORAE’s original deployer. A separate wallet, tagged as “CEHgjR…Y45a9z,” which had earlier received a colossal 215.7 million $DORAE directly from the deployer’s wallet “CKEfb2…HQWuUR,” was implicated in funneling funds to the seller’s wallet.
This complex sequence of transfers indicates a likely relationship to the token deployment team, which could mean that they or some insiders are driving dramatic sell-the news dumping in at least one new tape.
