The Solana meme coin Sharpei experienced a rapid rise to a market cap of $54 million shortly after its launch, driven by promotions from various crypto influencers. However, a massive sale of $3 million worth of tokens led to a dramatic collapse, resulting in a 96.3% drop in value within seconds. Influencers initially named in promotional materials denied involvement, raising concerns about the project's legitimacy. Following the tumultuous events, the project's creators claimed they could not continue operations due to fear, uncertainty, and doubt (FUD). Additionally, about 60% of the token supply was purchased at launch, with all these tokens sold at once, confirming the incident as a classic rug pull, according to blockchain analysts. The team asserted they would provide evidence of communication with influencers involved but had yet to deliver any proof a day later. The rapid dynamics of this incident spotlight issues around influencer endorsements and the risks associated with meme coins in the cryptocurrency market.

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