The global digital assets industry witnessed another instance of rug pull as an insider sold around 50% of the total supply, bringing the project down. ZachXBT even claims that he leaked the new cabal memecoin deck before they rugged investors.
Shar, the newly launched memecoin, allegedly invited investors to join its project for higher returns and even claimed that it has burned 10% of its supply for the community. Later, someone sold around $3.3 million worth SHAR in a single transaction.
Insider dumps 500M SHAR tokens
As per the data shared by Lookonchaim, an insider sold 500 million SHAR tokens for 19,620 Solana (SOL). This caused the SHAR price to crash by straight 96%. It added that the insider used 5,710 SOL (approx. worth $1 million) across 16 wallets in order to snipe 665.6 million SHAR tokens (66.56% of the total supply) and distribute them to different 100 wallets.
The same individual had gathered 500 million SHAR from 104 wallets and went on to sell all of them in just one move. However, he made around 13,910 Solana (approx. worth $2.4 million) from the move.
Data shows that the traders who booked a profit of 18,539 SOL (approx. worth $3.7 million) on BOME got rugged on the SHAR project. This trader had spent more than 2,900 SOL just to buy 27 million SHAR. He sold it for 471 Solana, booking a loss of over $429K.
Even the trader who profited 18,539 $SOL($3.7M) on $BOME got rugged on $SHAR.
This trader spent 2,952 $SOL to buy 27M $SHAR and sold for 471 $SOL, losing 2,481 $SOL($429K).
He previously spent 2,620 $SOL to buy 345.35M $BOME and sold for 21,159 $SOL, making 18,539 $SOL($3.7M).… pic.twitter.com/1GayR5We2Z
— Lookonchain (@lookonchain) October 24, 2024
Solana price saw an upswing of 5% in the last 24 hours while Bitcoin and Ether printed red indexes. SOL is trading at an average price of $173.15, at press time. Its 24-hour trading volume is up by 24% to stand at $4.15 billion.
ZachXBT exposes SHAR’s pitch deck
On-chain sleuth, ZachXBT, did try to alert investors by revealing SHAR’s pitch deck where they claimed to have 50 tier 1 influencers onboard.
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
SHAR in an X post stated that they understand what everyone might be thinking amid the rug pull situation. It asserted that they have genuinely built a large, remarkable project. They have been preparing for this project for over 3 months and many players know about it.
It mentioned that due to increased FUD, they do not have longer funds to continue operations. Meanwhile, they pointed out that the project never claimed to have finalized agreements with everyone but they had offers and deals from everyone on the list.
In another post, it claimed to be continuing to develop Sharpei and is committed to delivering the ecosystem and technical solutions as promised. It added that their bot is one of the fastest and easiest to use.
After the massive rug pull, it suggested that the community can believe and follow, or not believe and still follow but soon everyone will have the opportunity to test the bot firsthand and make their own decision.
