On June 26, 2024, the on-chain analytics firm Lookonchain posted on X that someone’s wallet address (3TQYNN…yFAccW) had dumped a massive 2.5 million Doraemon (DORAE) meme token worth $1.45 million, causing the price to drop by 99% and indicating a potential rug pull. Lookonchain suggests that the potential suspect behind this dump is the project developer. All these incidents occurred in the last 12 hours.
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
DORAE token price drop 99%
The wallet that dumped a massive 2.5 million DORAE received 304 SOL worth $41,000 six hours ago from Kucoin and the wallet address CEHgjR to buy the 2.5 million DORAE tokens. After acquiring the 2.5 million DORAE tokens, the suspect sold all of their holdings for 10,538 SOL worth $1.45 million one hour ago, according to Lookonchain. Additionally, during these six hours of DORAE transactions, this wallet address (3TQYNN) made $1.41 million.
Wallet address CEHgjR that sent SOL to the potential suspect received 215.7 million DORAE from the deployer. Following the above DORAE transaction information from an on-chain analytic firm, signaling that the wallet dumping 2.5 million DORAE tokens is related to the deployer.
This is not the only individual that made massive price profits before rug pull several more traders also made huge profits from DORAE tokens. One guy converted its $686 to $619K before the token price dropped by 99%. However, this massive dump by these traders signals a potential rug pull.
Overview of meme coins and top cryptocurrencies
Following a rug pull, the crypto meme industry is still up by 3.5% in the last 24 hours. Top meme tokens, including Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), and Floki (FLOKI), experienced impressive price surges of 1.65%, 2%, 8%, 6%, and 2%, respectively, in the same period.
In contrast, the overall cryptocurrency market is up by 0.65% in the last 24 hours. Top assets like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and BNB (BNB) experienced decent surges of 0.67%, 0.5%, 1.05%, and 1%, respectively, in the same period.
Although the market sentiment is quite bearish at this moment, investors and institutions are taking this as an opportunity to continuously accumulate or add altcoins to their holdings, as observed in a recent report by Todayq News on June 26, 2024.