Solana
Solana DORAE Coin Crashes 99% Amid Alleged Rug Pull
Doraemon (DORAE) is the latest meme coin to see a massive price drop following reports of a possible rug pull by the developer.
The price of the DORAE token dropped to near zero within minutes. According to on-chain data shared by blockchain detective Lookonchain on Wednesday, suspicious activities have taken place involving wallets linked to developer Doraemon.
Specifically, the developer of the Solana-based meme coin moved huge amounts of DORAE tokens to an exchange and liquidated them for Solana (SOL). The result of the sale was an immediate drop in the price of the Doraemon token. Data showed that DORAE’s value dropped by more than 99% in just a few minutes.
“Doraemon Rug ($DORAE)!” Someone dumped the $2.5 million DORAE for $10,538 SOL ($1.45 million), dropping the price by over 99%! Some on-chain data suggests this person is likely the developer,” Lookonchain job on their X account.
On-chain data points to the developer’s wallet
On-chain data shows that the wallet that abandoned the new meme coin received 304 SOL worth over $41,000 from crypto exchange Kucoin.
The owner then purchased 2.5 million DORAE tokens and sold them all for 10,538 SOL worth $1.45 million. As a result, the wallet earned $10,234 SOL or $1.41 million in less than 6 hours.
“From on-chain data, it is clear that the $2.5M DORAE wallet spill is linked to the $DORAE rollout,” Lookonchain note.
This possible gold rush on Solana comes as the ecosystem is seeing a surge in meme coins, with CoinMarketCap data showing the sector’s market cap is currently $48 billion. In total, over $4.6 billion worth of these tokens were traded in the last 24 hours alone.
Hacks and rugs attract crypto
Meme coins often experience massive volatility, with top performers skyrocketing only to see new investors looking for the next gem. Malicious actors take advantage of this to create dubious projects with no value and often they pull or dispose of buyers without their knowledge.
In a recent reportBlockchain bug bounty platform Immunefi revealed that more than $473 million worth of crypto was lost to hacks and rug pulls in 2024. The blockchain security firm identified 108 incidents that had occurred in the ecosystem in May.