The meme coin Sharpei, launched on the Solana blockchain, rapidly gained attention, reaching a market cap of $54 million within an hour due to promotion by crypto influencers. However, after a massive sell-off of $3 million worth of tokens, the price fell dramatically by 96.3% in just seconds. This event was characterized as a rug pull, as 60% of the token supply was sold off by insiders. After the collapse, the creators stated that fear and uncertainty led to operational issues, while some influencers denied involvement despite being mentioned in promotional materials. The situation has highlighted the risks associated with influencer-driven investments in the cryptocurrency space, where transparency and disclosures are often lacking, raising concerns about the credibility of such promotional tactics.

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