The capitalization of the Doraemon meme-coin rose to $ 2.4 billion overnight and plummeted by 99%

Editor’s note: not investment advice!

Solana blockchain-based meme coin SOL $96.66 Solana -2.72% Market capitalization $56.39 billion VOL. 24 hours $0.26 billion - Doraemon (DORAE/USD), launched on Tuesday, June 25, reached a market capitalization of $ 2.4 billion in just 24 hours, but then lost more than 99% of its value due to possible insider trading.

Lookonchain data shows that the cryptocurrency owner sold 2.5 million DORAE tokens for 10,538 SOL, which is approximately $ 1.45 million. This caused the price to drop by more than 99%. It is reported that anonymous is likely the developer of the token.

The wallet involved in this transaction received 304 SOL ($ 41,000) from the Kucoin exchange and another wallet to buy 2.5 million DORAE. The same wallet sold all of the DORAE an hour later, earning 10,234 SOL ($ 1.41 million) in less than six hours.

This case highlights the risks associated with so-called pump-and-dump schemes and insider trading, which have become a problem in the memecoin market.

No Worries strongly advises readers not to invest in dubious crypto projects and little-known digital assets with high volatility!