Meme coin developer dumps 50 percent token supply after launch
SHAR developers launched their token on Solana, and within a few hours, someone who later came out to the team behind SHAR, dropped the price by 90 percent. They did this by dumping more than 50 percent of total token supply.
The team said in a tweet, “due to the FUD, we no longer had the funds to continue operations.” Interestingly, big crypto publications and influencers were used to push this meme coin.
Cointelegraph tweeted SHAR is changing the game by adding real-world applications to the memecoin experience, using blockchain for something special. This Solana-based memecoin entertains and empowers users, connecting crypto with daily life and freedom of digital nomadism.
New cabal meme coin just launched so here’s a leak from the pitch deck claiming 50 “tier 1” influencers onboarded. pic.twitter.com/tHdwIr9aPt
— ZachXBT (@zachxbt) October 23, 2024
The SHAR team used myriad crypto influencers to bring new users and liquidity, only to dump on them, using them as exit liquidity, as seen in the following chart.
$SHAR developers sold their bag for 19619 $SOL. 🤯
Nice exit pump and dump. 👎 pic.twitter.com/bTJ1qFSUvx
— Authority Capital (@emphatic) October 24, 2024
This is exactly what happens when team / developers take profit on meme coins with poor liquidity.
The @SolanaKol token rugged for 19619 Solana roughly around 3.3m$
The wallet CHj3vHyMhF6DF3VkwhzgK833o7uvsN7CrPVyUdmbFo5E dumped 3.3m worth $shar sending it from 40m mc to 1m in one clip
Wallet 5MMdwsfXXcZNpK95mHFTtYz8K7JQ3JcboRNAimH61suC transferred the tokens to 7 different… pic.twitter.com/MMQYqh1Pxl
— 0xPPL (@0xppl_) October 24, 2024
Still, the developers behind SHAR banked a cool $3.3 million dollars or 19619 solana.