The Solana meme coin, Sharpei, surged to a staggering market cap of $54 million within an hour of its launch, fueled by endorsements from various crypto influencers. However, the excitement quickly turned to chaos as the value plummeted 96% in just seconds when insiders sold off approximately $3 million worth of tokens. This sudden drop was sparked by influencers distancing themselves from the project following a leaked promotional deck claiming their participation, which they denied. The fallout resulted in the loss of investor confidence, leading to a liquidity crisis. Over 60% of the total token supply was noted to be bought at launch, which all transferred to a single wallet that executed the massive sell-off. As a result, the creators of Sharpei stated they lacked the funds needed to continue the project and promised to provide proof of influencer communications, which had yet to materialize. This incident highlights the rampant risks associated with meme coins and influencer-driven promotions, underlining the need for transparency.

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