COPE, a token launched on the Solana blockchain, recently rug pulled. Following the rug pull on Tuesday, the developer apologized to the community members on Discord, claiming he had no other option.
The project’s Dev team held more than 10% of the total supply. While this was a red flag for investment, it seems almost no one really cared until things went south. On Tuesday, the team sold off 10% of the supply causing the price of COPE to tumble.
The Downfall of COPE
COPE had been trading around $0.28 dollar before the huge sell-off. The token crashed by 77% after the developers dumped the token.
Perhaps, the most surprising part of the saga was when Cyrii informed members of the Discord channel that he needed to sell off. Cyrii said that they had to keep the developers going through these difficult times. He also added that the project has failed to keep up with its plans to attract VCs, thus lacking funding. With the issues on the ground, it seemed the only way out was to convert the COPE tokens to USDC.
A Twitter user added that while Cyrii owned most of the COPE tokens, he had promised that he’d burn a turn of his holdings. This proposed act was meant to decrease COPE’s supply. However, he failed to keep to his promises, and the community members are suffering for it.
Interestingly, the token has regained about 15% in the last 24 hours, but that is no way near what investors have lost. COPE currently trades at $0.077, with a market cap of $1.2 million. Its trading volume has also dropped significantly, losing more than 54% volume in the last 24 hours. As it stands, the project has no hope for revival. Investors have accepted their loss and are moving on to other crypto projects.
