Rug-Pull On $DOREA Token Devastates Solana Investors

In a shocking turn of events, the $DOREA token on Solana has been identified as the latest victim of a rug-pull, leaving investors reeling.

Just seven hours ago, the wallet 3TQYN, presumably belonging to a developer, purchased 2.5 million $DOREA for $41,000. Four hours later, this wallet began offloading all its tokens, raking in $1.4 million and causing the $DOREA price to plummet from $2.1 to a mere $0.01.

The fallout from this rug-pull has been catastrophic for new investors. In just half an hour, a wallet described as Wealth Evaporation lost $756,000 after buying $DOREA at its peak. This individual, identified as the owner of the BrFjj…pgjCc wallet, spent 5710 $SOL (approximately $747,000) to acquire 350,000 $DOREA at $1.936 per token.

Tragically, within five minutes, $DOREA’s value crashed nearly 99%, forcing the investor to sell all their holdings at an average price of $0.0868, resulting in a 96% loss.

About 11,510 $SOL Goes Down The Drain

The investor, described as arrogant, had prepared a total of 11,510 $SOL (almost $1.58 million) for this venture, transferring the funds from KuCoin to his wallet in batches, intending to buy in stages. However, this approach proved disastrous as the rug-pull unfolded rapidly, decimating his investment.

This incident serves as a stark reminder of the risks associated with investing in newly launched tokens, especially those with limited track records and transparency. The allure of quick profits can often mask the underlying dangers of fraudulent schemes such as rug-pulls, where developers abandon a project after a significant price surge, leaving investors with worthless tokens.

As the crypto community digests this latest scandal, calls for stricter regulatory oversight and improved investor education are likely to intensify. For now, the victims of the $DOREA rug-pull are left counting their losses and reflecting on the volatile nature of the cryptocurrency market.

Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.