On-Chain Data Points to Solana Meme Developer Wallet
The DORAE token’s price plummeted to near zero within minutes. According to on-chain data shared by blockchain sleuth Lookonchain on Wednesday, there were suspicious activities involving wallets linked to the Doraemon developer. Specifically, the Solana-based meme coin’s developer moved huge amounts of DORAE tokens to an exchange and liquidated them for Solana (SOL). The result of the selling was an immediate tanking of the Doraemon token’s price. Data showed DORAE’s value nosedived more than 99% within minutes.
“Doraemon ($DORAE) rug! Someone dumped all 2.5M $DORAE for 10,538 $SOL ($1.45M), causing the price to drop by more than 99%! Some on-chain data suggests that this person is likely the developer,” Lookonchain posted on their X account.
Developer’s Wallet Dump
The evidence from the chain shows the coin creator’s wallet that was on solana dumping and after winning 304 SOL worth over $41400 company accepting ki Turkey Revenue (KuCoin) tokens. The owner then proceeded to buy 2.5 million DORAE tokens and he threw them the following instant for the price of 10538 SOL, or in the amount of 1.45 million USD. In turn, the wallet happened to be the winner of 10,234 $SOL or $1.41 million in nothing more than six hours.
Despite being off-chain, the report by Lookonchain stated that the money ensured that the wallet was connected to the developer of the initial coin offering (ICO) $DORAE, because nade (“was created”/”came into existence”) on the chain.
Solana Meme Coin Volatility and Risks
This potential rug pull on Solana comes as the ecosystem experiences a surge in meme coins, with data on CoinMarketCap showing the sector’s market cap is currently $48 billion. Over $4.6 billion worth of these tokens has been traded in the past 24 hours alone.
Hacks and Rug Pulls in Crypto
The volatility range often twice as significant in the meme coins realm, with certain coins characterizing prices doubling in an instant, which, in turn, attracts new buyers who are eager to spot the next great project. Fraudsters are smart enough to take advantage of the situation by introducing some untrustworthy projects without any value before rug-pulling or depositing on any unsuspecting buyer.
Immunefi, a blockchain bug bounty platform, released a report that shows how much cryptocurrency was lost due to the stunts of hacks and rug pulls in 2024 than $473M this year. Blockchain cybersecurity startups, for instance, detected 108 such attacks there by May.
