Doraemon: Solana Meme Coin Entangled In Rug Pull Coin
Doraemon (DORAE), a Solana-based meme coin, suddenly became the spotlight after an alleged pull rugby hit it. On Wednesday morning, June 26, blockchain data analytics from Lookonchain revealed details about the possibility of this scam, causing DORAE's price to drop by more than 99% in a matter of hours.
In a post on platform X, Lookonchain reports that a wallet with the address 3TQYNN...yFAccW has sold about 2.5 million DORAE, exchanging it for 10,538 SOL which is currently worth around Rp. 23.2 billion. On-chain data shows that this wallet is most likely owned by the DORAE project developer itself.
According to Crypto Potato's information, the wallet initially received about 304 SOLs from a Kucoin-based wallet with the address CEHgjR...Y45a9z. This entity uses the SOL to buy 2.5 million DORAE before the price jumps. Then, the wallet sold all of DORAE's savings for 10,538 SOLs, generating profits up to 34 times in less than six hours.
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The on-chain analysis tracks the origin of the 304 SOLs down to the developer wallet with the address CKEfb2...HQWuUR. Based on this evidence, on-chain analysts, including Lookonchain, concluded that the wallet responsible for this massive sale has a close connection with the DORAE token developer. After the mass sale of the DORAE token, the price fell to 99%.
A crypto fan on platform X speculates that the developer behind DORAE may be the same individual who launched another token with a quick price increase, which is often followed by arug pull. The sentiment revealed is that DORAE may create the illusion of huge wealth, while in reality, developers can do the rugby pull many times.
Previously, some community members celebrated the increase in DORAE prices, calling it the first cat coin to reach one billion. However, the community reacted immediately, calling DORAE the largest RUG of all time'.
Since the start of this year's Solana meme coin season, incidents like this have become commonplace. For example, Solana-based meme coin, Catwifhat (CIF), has experienced several pull rugbys since its launch.
In April, on-chain researcher ZachXBT highlighted that about 12 Solana-based crypto meme coins, which raised a total of 26 million US Dollars or around Rp426 billion, were dead. Zach even lists some of the founders and X accounts that should be avoided regarding the projects.