The developer wallet that’s alleged to belong to Doraemon dumped the entire DORAE token stock for 10,538 SOL and made 34x more money during a highly volatile market in less than six hours. Earlier on Wednesday, data from Lookonchain- a blockchain data analytics -exposed potential rug pull details about the Solana-based meme coin Doraemon.
The rug pull was rumored to have caused an almost complete drop of 99% within hours of its happening in the price of DORAE.
Unveiling the Fallout from the Alleged Incident: The DORAE Rug Pull
Lookonchain reported on X that roughly 2.5 million DORAE were sold by a wallet identified as 3TQYNN…yFAccW, making it possible to get 10,538 SOL or just $1.45 million, thus raising issues regarding potential manipulation of markets.
According to our analysis, another analysis using data from the chain suggests strongly that this wallet is owned by the project’s developer, who first received 304 SOLs through Kucoin via address CEHgjR…Y45a9z used it all after buying two point five million (2.5m) DORAE before experiencing a sudden price increase.
In six hours held its tokens only for less than six hours, then sold all, resulting in 34 times profit as it disposed of them at such a high rate compared to their purchase price.
Analysts believe there can be found by following the chain another direct link between the fallout and deployer wallet CKEfb2…HQWuUR holding original SOL post-mass dumping resulted in a dollar plunge by %99.
DORAE, a coin that one X crypto enthusiast predicted may have been made by an individual who had previously created tokens, quickly escalated in value only to end up failing, all the while misleading investors into believing they were getting rich from nothing more than several brilliant rugs pulls.
Previously, this community supported DORAE’s rise as “the first cat coin to a billion,” but soon others began to refer to it as “the greatest RUG of all time.”
Unraveling the Rug Pull Problem: Safeguarding Trust in Crypto Markets
This has become common since the beginning of Solana meme coin season earlier this year, with instances like these being exemplified by multiple Solana-based meme coins like Catwifhat (CIF) having undergone rug pulls.
In April, sleuth ZachXBT found 12 Solana-based crypto meme coins that collectively raised $26M to be dead and warned against their founders and X accounts.
