The meme coin Sharpei, built on the Solana blockchain, experienced a dramatic rise in market cap to $54 million before plummeting 96% in mere seconds due to a massive rug pull. Despite initial promotion by crypto influencers, the project's legitimacy was questioned when many claimed no involvement. Following the price surge, insiders executed a coordinated sell-off of $3 million worth of tokens, dropping the market cap to only $1.3 million. This incident raised concerns about the role of key opinion leaders (KOLs) in crypto promotions. Many influencers reportedly accepted payments for their endorsements, but failed to disclose their connections, which ultimately contributed to the project's collapse. Following the rug pull, the Sharpei team suggested the project was a genuine endeavor hindered by a lack of funding amid increasing fear, uncertainty, and doubt. As of now, the team has not provided proof of their supposed partnerships with influencers, as promised.

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