NEW: FREE Web3 Resume Cheat Sheet DOWNLOAD NOW

Even $3.7M BOME profit couldn’t save this trader from SHAR rug pull

In this post:

  • SHAR, saw a 96% price crash after an insider sold $3.3 million worth of tokens.
  • ZachXBT leaked SHAR’s pitch deck before the rug pull, claiming 50 tier 1 influencers were falsely promoted to be onboard.
  • Solana’s price surged by 5% in 24 hours, while Bitcoin and Ether saw declines.

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.

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.

See also  Japan PM meets with Altman, Softbank CEO — Plans to increase AI cooperation with Trump

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.

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.

See also  Ford CEO: Trump tariffs would wipe out billions in profits if they're long lasting

Cryptopolitan Academy: FREE Web3 Resume Cheat Sheet - Download Now

Share link:

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Most read

Loading Most Read articles...

Stay on top of crypto news, get daily updates in your inbox

Editor's choice

Loading Editor's Choice articles...
Subscribe to CryptoPolitan