The global digital asset industry witnessed another case of a rug pull as an insider sold approximately half of the total token supply, causing the project to collapse. Crypto sleuth ZachXBT even claimed to have revealed the new memecoin cabal project before it scammed investors.

The newly launched memecoin SHAR allegedly invited investors to join its project for higher returns, claiming to have burned 10% of its supply for the community. However, shortly afterward, someone sold about $3.3 million worth of SHAR tokens in a single transaction.

Insider Dumps 500 Million SHAR Tokens

According to data shared by Lookonchain, an insider sold 500 million SHAR tokens for 19,620 SOL (Solana). This sale caused the price of SHAR to drop by a staggering 96%. The insider reportedly used 5,710 SOL (approximately $1 million) across 16 wallets to transfer 665.6 million SHAR tokens, which represented 66.56% of the total supply, distributing them across more than 100 wallets.

The same individual accumulated 500 million SHAR tokens from 104 wallets and sold them in a single move. Through this transaction, they earned approximately 13,910 SOL (around $2.4 million).

Traders Lose Gains from BOME

Data shows that traders who had posted profits of 18,539 SOL (around $3.7 million) on the BOME project were harshly affected by the SHAR rug pull. One trader spent more than 2,900 SOL to buy 27 million SHAR tokens, only to sell them for 471 SOL, resulting in a loss of over $429,000.

Meanwhile, the price of Solana rose by 5% in the last 24 hours, while #bitcoin☀️ and #etherreum posted red numbers. SOL is currently trading at an average price of $173.15, with a 24-hour trading volume of $4.15 billion, marking a 24% increase.

ZachXBT Exposes SHAR Pitch Deck

Crypto investigator ZachXBT tried to warn investors by exposing the pitch deck of the SHAR project, where it claimed to have 50 Tier 1 influencers on board.

In a post on X (formerly Twitter), SHAR acknowledged that it understood what people might think given the rug pull situation. They claimed to have genuinely built a large, noteworthy project that had been in development for over three months and was known by many players in the space.

The project also mentioned that due to increased FUD (fear, uncertainty, and doubt), they no longer had the funds to continue operations. They emphasized that they never claimed to have deals with everyone but had offers from many influencers listed.

In another post, they stated that the development of their product Sharpei continues, and they remain committed to delivering the promised ecosystem and technical solutions. They added that their bot is one of the fastest and easiest to use.

Following the massive rug pull, they suggested that the community could choose to believe and follow them or not believe and still follow them, but soon, everyone would have the opportunity to test the bot firsthand and make their own decision.

#BOMEToken , #BOMEUpdate , #memecoin🚀🚀🚀


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