Solana Meme Coin Runs To $2B In 24 Hours, Then Drops Over 99%: What Happened?
Portfolio Pulse from Khyathi Dalal
A Solana-based meme coin, Doraemon (DORAE), surged to a $2.4 billion market cap within 24 hours before crashing over 99% due to apparent insider trading. An individual dumped 2.5 million DORAE tokens for 10,538 Solana (SOL), causing the price to plummet.
June 27, 2024 | 11:15 am
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The price of Solana (SOL) may experience short-term volatility due to the massive dump of DORAE tokens for SOL, highlighting potential security and trust issues within the Solana ecosystem.
The dumping of 2.5 million DORAE tokens for 10,538 SOL has caused significant price movement and may lead to short-term volatility in SOL's price. This event also raises concerns about security and trust within the Solana ecosystem, potentially affecting investor sentiment.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80