Solana-Based Meme Coin Doraemon DORAE/USD Spiked to $2.4B in Market Cap and Lost 99% of Its Value in Apparent Insider Trading

Lookonchain data showed an individual dumping 2.5 million DORAE tokens for 10,538 Solana SOL/USD, worth $1.45 million. This caused the price to plummet by over 99%.

A meme coin on the Solana blockchain called Doraemon (DORAE/USD) spiked to $2.4 billion in market capitalization on Tuesday before losing over 99% of its value in what appeared to be insider trading.

Doraemon, a cat-themed token, is the latest Solana meme coin that soared to $2.4 billion market capitalization and then crashed to less than $10 million in 11 hours. It highlights the risk of so-called pump-and-dump coins and insider trading, that have been a problem in the meme coin space.

What Happened: Data from Lookonchain showed an individual dumping 2.5 million DORAE tokens for 10,538 Solana (SOL/USD), which was valued at $1.45 million at the time. This caused the price to plummet by over 99%. The tweet suggested that the person behind this massive dump is likely the developer of the token.

The wallet involved in the dump reportedly received 304 SOL ($41,000) from Kucoin and another wallet to purchase 2.5 million DORAE. The same wallet then sold all the DORAE an hour later, making a profit of 10,234 SOL ($1.41 million) in less than six hours.

The tweet added that the wallet then received 215.7 million DORAE from the deployer wallet. This on-chain data suggests a connection between the wallet dumping 2.5 million DORAE and the deployer of DORAE.

Also Read: Top Trader Wonders If ‘Safer Big Caps Like Pepe, Dogecoin’ Will Outperform His Meme Coin Portfolio

Why It Matters: Doraemon is a cat-themed token on the Solana blockchain. It’s the latest meme coin to experience a massive surge in value, followed by a sharp decline.

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