Original | Odaily Planet Daily ( @OdailyChina )
Author | Asher ( @Asher_0210 )
Last night, the price of Solana Ecosystem Meme Project SHAR was close to $0.06 after it went online today, and its market value reached the $40 million range. Then the chain detective ZachXBT posted a post pointing out that the project involved conspiracy groups and KOL manipulation. According to the leaked document, the project claimed that 50 first-level KOLs had joined.
ZachXBT: Solana Ecosystem Meme Project SHAR Involves Conspiracy Groups and KOLs
As soon as the news came out, the major meme communities were not immediately affected by the FUD. Instead, they seemed to think that having such a lineup was convincing enough, pushing the market value quickly to 50 million US dollars.
Driven by FOMO sentiment, SHARs market value once approached $60 million. However, by 2 a.m., the market value dropped by nearly half to $24 million; then, after an influx of buying, the market value rebounded to $43 million, until 5 a.m., when the market value fell sharply again from $40 million to $3 million, and is currently worth $3.5 million.
The market value dropped from 40 million to 3 million US dollars. Who crashed the market?
According to on-chain data , the CHj3vHyMhF6DF3VkwhzgK833o7uvsN7CrPVyUdmbFo5E address collected 500 million SHAR from more than 100 addresses in less than 2 minutes, and then sold it in one transaction, making a profit of nearly 20,000 SOL, worth more than $3 million. This sale directly emptied the liquidity pool of the SHAR project, and the market value plummeted from nearly $40 million to $3 million.
At the same time, according to Bubblemaps monitoring, 60% of SHAR was previously aggregated and dispersed to more than 100 addresses. This shows that in order to manipulate market prices, the SHAR project transferred tokens between different addresses to create the illusion of active transactions in order to attract the attention of retail investors.
Some KOLs responded after being exposed by the chain detective ZachXBT
After the on-chain detective ZachXBT revealed the members of the “conspiracy group” behind SHAR, some of the KOLs who were exposed responded immediately:
0xSun : I am impressed. I copied two notes before going to bed, but I was directly RUG. I did accept the cooperation on this project, but the reason I chose to cooperate was that after reading the information at the beginning, I felt that this project was more reliable and there was an opportunity to make money, not just for the promotion fee.
joji : “I was not involved in the announcement of this project at all. The SHAR team included me without contacting me, and I also asked them to remove me from it”;
Wizard Of SoHo : “Today I sent messages to the 4 KOLs on the list, telling them not to promote this project because they are a scam team”;
PattyIce : “I didn’t mention SHAR in my tweet.”
In response to the KOLs mentioned by Chain Detective ZachXBT in SHAR’s promotion, some KOLs denied being members of the “conspiracy group” behind SHAR, while other KOLs denied participating in SHAR’s promotional activities.
Community sentiment
The SHAR project has caused the community to discuss the conspiracy group behind Meme coin with mixed reactions:
“When you see a meme project with an instant surge in trading volume, no matter whether it is launched by a conspiracy group, if you miss it early, just switch to the next one. It’s better to miss it than to be stuck and cursed on the street.”
“As always, those KOLs have already given risk warnings. So, this will not affect their continued success.”
“Don’t FUD this type of project. At least they can really push up the price of the coin. Even if you are not a member of the conspiracy group, you can still have a chance to make money if you get on board early. It’s better than the current VC coins that plummet as soon as they open.”
......
At the same time, because the conspiracy address directly emptied the SHAR pool in a short period of time, many retail investors who took over at high prices instantly lost their funds. For a time, the community was full of resentment, and even established a rights protection group to try to get compensation:
PVP is acceptable, but RUG will never be tolerated;
“Although there is little hope of compensation, I really want to do this project”;
The project owner who controls the private key is a Russian. He has contacted some exchanges to list the token, but has lost contact with them.
Although the project owner said that they would compensate the KOL, it is basically impossible. It is also impossible for retail investors to seek compensation from the KOL. The best solution at present is to communicate with CLS.
Some community members also summarized that the meme projects released by similar conspiracy groups have the following characteristics:
The distribution time is in the evening or even early morning;
A large number of single high-value transactions occurred in a short period of time, resulting in a trading volume of more than $100 million in a few hours;
The meme projects released are based on the current hot topics and themes;
The myth of “getting rich quickly” is all over social media.
Opportunities are always there. Therefore, for Meme projects with skyrocketing trading volume and hot social discussions, you should either participate when no one cares or invest funds that can bear risks when people are talking about it, so that you can survive in this market.
