Solana Meme Coin Sharpei Plunges 96% in Seconds in Epic Rug Pull - Decrypt
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Solana Meme Coin Sharpei Plunges 96% in Seconds in Epic Rug Pull
Sharpei’s insiders apparently cashed out after prominent crypto influencers denied being involved with the fast-rising Solana meme coin. A Solana meme coin promoted by crypto influencers skyrocketed to a market cap of $54 million in un
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Summary
- 🚨 **Epic Rug Pull**: Solana meme coin Sharpei (SHAR) saw a staggering 96% drop in value within seconds after a massive sell-off.
- 📈 **Initial Surge**: The coin skyrocketed to a market cap of $54 million in under an hour, fueled by promotions from crypto influencers.
- 🤔 **Influencer Denials**: Many influencers named in the project’s pitch deck denied any involvement, raising questions about the legitimacy of the promotion.
- 💰 **Coordinated Sell-off**: After the initial hype, insiders sold off $3 million worth of tokens, causing the market cap to plummet to $1.3 million.
- 🐶 **Mixed Involvement**: While some influencers were genuinely involved, others distanced themselves from the project, highlighting the risks of meme coin investments.
Top Highlights
- Solana Meme Coin Sharpei Plunges 96% in Seconds in Epic Rug Pull Sharpei’s insiders apparently cashed out after prominent crypto influencers denied being involved with the fast-rising Solana meme coin.
- A Solana meme coin promoted by crypto influencers skyrocketed to a market cap of $54 million in under an hour—but soon after, the price dramatically collapsed in a matter of seconds as a clutter of wallets sold $3 million worth of tokens in one fell swoop. Sharpei (SHAR) launched on Wednesday and was promoted with cartoonish artwork of a Shar Pei ...
- The leaked deck claimed that a strategic partnership with leading meme coin BONK would come once SHAR hit a $100 million market cap—which was denied by Bonk core contributors Kadense and Nom. Meanwhile, the pseudonymous influencer Joji, who has over 200,000 followers, was also named as being involved—a claim the influencer denies, sharing a screens...
- But it wasn’t all a lie. Another influencer who goes by Yelotree, who has 180,000 followers, was featured in the deck and posted about the project. Yelotree told Decrypt that he was paid for the promotion three months ago, although this was not disclosed in his tweet. Yelo claimed that other big KOLs were involved in the project, many of which have...
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