Doraemon (DORAE), a Solana-based (CRYPTO:SOL) meme coin, faced a significant rug pull as its developer allegedly dumped 2.5 million DORAE tokens for 10,538 SOL, resulting in a 34x profit within six hours.
This abrupt sell-off caused DORAE's price to plummet by over 99%, sparking community outrage and labeling it as one of the most impactful rug pulls in recent Solana meme coin history.
Lookonchain, a blockchain data analytics account, identified the wallet responsible for the dump as likely belonging to the project’s developer.
The transaction history traced the initial SOL investment back to a Kucoin-based wallet, highlighting the suspicious nature of the rapid token exchange and subsequent profit.
Crypto enthusiasts and analysts have expressed concerns over the increasing prevalence of rug pulls within the Solana meme coin ecosystem.
The incident underscores the risks associated with investing in new and low-market-cap coins, where the allure of quick gains can often lead to significant losses due to fraudulent activities like rug pulls.