Sharpei (SHAR), a meme coin, experienced a surge in market cap to $54 million with the help of Crypto Twitter influencers. However, leaked documents revealed false claims of partnerships and influencers denying their involvement. The token's market cap subsequently dropped to $35.5 million before plummeting by 96.3% due to a coordinated sale, leading to accusations of a rug pull. Blockchain data visualization company Bubblemaps identified a rug pull with 60% of the token supply being sold in one clip for $3.4 million. The SHAR team cited fear, uncertainty, and doubt (FUD) as the reason for discontinuing operations and promised to provide proof of communication with influencers, which they have not done. Influencers receiving token supplies in exchange for promotion is common in the crypto industry but lack of disclosure and transparency can lead to issues.



Other News from Today