Doraemon (DORAE), a Solana-based meme coin, crashed 99% after an alleged rug pull by the developer. The token’s value plummeted within minutes on Wednesday, as the developer liquidated massive amounts of DORAE for Solana (SOL).
Blockchain sleuth Lookonchain noted suspicious activities involving the developer’s wallets. The developer moved 2.5 million DORAE to an exchange, selling them for 10,538 SOL ($1.45 million). The wallet made a profit of $1.41 million in less than six hours.
This event is part of a larger trend, with CoinMarketCap data showing the meme coin market cap at $48 billion. Over $4.6 billion worth of these tokens traded in the past 24 hours.
Immunefi’s report revealed over $473 million lost to hacks and rug pulls in 2024. The incident underscores the risks in the volatile meme coin market and the need for investor vigilance.
The long-term importance lies in highlighting the vulnerabilities and urging stronger security measures in the crypto ecosystem.
