Doraemon (DORAE), a Meme Coin Based on Solana, Has Fallen Victim to a Rug Pull

Thisincidenthasresultedinnearly100%lossesforDORAEholders,amountingto$1.45million.

ASolana-basedmemecoin,Doraemon(DORAE),hasfallenvictimtoarugpull,resultinginnearly100%lossesforDORAEholders,amountingto$1.45million.DoraemonRugPullDetailsAccordingtoLookOnChain,ablockchaindataanalysisfirm,someonerelatedtotheDoraemondeployerdumped2.5millionDORAEtokensfor10,538Solanatokens,valuedat$1.45million.Theperpetratorreceived304SOLfromKuCoinandanotherwalletandusedthesefundstobuy2.5millionDORAEtokens.ThisindividualthenproceededtodumpalltheDORAEtokensforSOLwithinsixhours.Notably,thedeployerwalletlatersent215.7millionDORAEtoanotherwallet.Thischainofeventsledtoa99%pricedropinDoraemon,withindicationspointingtotheproject’sdeveloper.“Fromtheon-chaindata,itisclearthatthewalletdumping2.5MDORAEisrelatedtothedeployerofDORAE,”LookOnChainstated.Followingtherugpull,thefullydilutedvaluation(FDV)andmarketcapitalizationofDoraemonnowstandatonly$140,accordingtoDEXScreenerdata.Thiscollapsehighlightsthevolatilityandrisksassociatedwithemergingcryptocurrencyprojects.RugPulls:APersistentScamRugpullshavebecomeasignificantconcernwithinthecryptocurrencymarket,especiallyindecentralizedfinance(DeFi).Thisscaminvolvesdevelopersabruptlywithdrawingliquidityfromaproject,leavinginvestorswithsubstantiallosses.Suchscamsareprevalentinprojectswheredeveloperscontrolliquiditypoolsorsmartcontracts,allowingthemtoexploittheiraccessanddrainfunds.Theaftermathoftenleavesinvestorsfeelingbetrayedandhelpless,watchingtheirinvestmentsvanish.Thisdeceptivepracticeerodestrustinthecryptomarketandhighlightstheimportanceofthoroughduediligence.Doraemon'stroublesalsoechorecenteventswherehigh-profilefiguresfacedbacklashforpromotingquestionablecryptoprojects.Forinstance,singer-songwriterJasonDerulorecentlycameunderfireforendorsingamemecointhatplummetedby72%withinminutes,sparkingallegationsofascam.

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