Are you still following KOL to speculate on coins? They shouted that SHAR coin had a big dump of 96%, and the community is exploding with anger, shouting: return the money.

Last night, Solana meme project $SHAR went live and the price briefly approached $0.06, with a market cap reaching the range of $40 million. Later, on-chain detective ZachXBT posted that the project involves a "conspiracy group" and KOL manipulation. According to the leaked document, the project claims to have 50 "tier one" KOLs onboard.

Image source: Odaily Star Daily

ZachXBT: Solana Ecological Meme Project $SHAR Involves Conspiracy Groups and KOL Manipulation

As soon as this news came out, the major meme communities were not immediately affected by this fear, uncertainty and doubt. Instead, they seemed to think that having such a lineup was persuasive enough to drive the market capitalization up to $50 million.

Driven by the fear of missing out, the Market Cap of $SHAR once approached $60 million. However, by 2 a.m., the Market Cap plummeted by nearly half to $24 million. After that, with the influx of buying orders, the Market Cap rose again to $43 million. Until 5 a.m., the Market Cap sharply dropped from $40 million to $3 million, and currently stands at $3.5 million.

Image source: Odaily Planet Daily SHAR PA

Who dumped the market cap from 40 million to 3 million dollars?

According to online data, the CHj3vHyMhF6DF3VkwhzgK833o7uvsN7CrPVyUdmbFo5E Address aggregated 5 billion $SHAR from over 100 addresses in less than 2 minutes, followed by a sale that yielded nearly 20,000 $SOL, worth over 3 million USD. This sale directly emptied the Liquidity pool of the $SHAR project, causing the market capitalization to plummet from nearly 40 million USD to 3 million USD.

Meanwhile, according to Bubblemaps monitoring, 60% of the SHAR was previously aggregated and dispersed to over 100 Addresses, indicating that the SHAR project side manipulated the market price by transferring Tokens between different Addresses to create the illusion of active trading, in order to attract the follow of retail investors.

Image source: Odaily Star Daily Bubblemaps data

After being exposed by on-chain detective ZachXBT, some KOLs responded

After on-chain detective ZachXBT exposed the members of the 'conspiracy group' behind SHAR, some of the exposed KOLs responded immediately:

0xSun: "I'm done, SHAR. I copied two deals before going to bed, and it turned out to be a RUG. I did indeed collaborate with this project, but the reason I chose to collaborate is because after initially reviewing the data, I felt that this project was more reliable and presented an opportunity to make money, rather than simply for promotional costs."

joji: 'I was never involved in the announcement of this project. The SHAR team added me to it without contacting me, and I also asked them to remove me from it.';

Wizard Of SoHo: "Today I sent information to 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 post.

Regarding the KOL mentioned by on-chain detective ZachXBT in promoting $SHAR, some KOLs responded by denying that they are members of the "conspiracy group" behind $SHAR, while others denied participating in the promotion activities of $SHAR.

Community sentiment

The discussion of the 'conspiracy group' behind the meme coin sparked by the SHAR project has received mixed reviews from the community:

"When I see a meme project with a sudden big pump in volume, I don't care if it's created by a conspiracy group. If I didn't get in early, I can always move on to the next one. Missing out is better than being trapped and cursed on the street."

"Those KOLs as before have already issued risk warnings. Therefore, this will not affect their continued success.";

"Not the type of project that spreads fear, uncertainty and doubt (FUD), at least they can really push up the price of the coin. Even if you are not a member of the conspiracy, there is a chance to make money by getting in early, which is better than the current VC coin opening directly plummeting."

......

At the same time, due to the short-term "conspiracy Address" directly cleaned the pool of $SHAR, resulting in many high-ranking dumb buying retail money instantly zeroed, the community was full of resentment for a while, and even established a rights protection group to try to get compensation:

"Accept PVP, but never tolerate RUG";

"Although the hope of compensation is not high, I really want to do this project party";

The project party that controls the Private Key is Russian, because they have contacted some exchanges for listing, but currently they are out of contact.

"Although the project party said 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 currently requires communication with the CLS."

Some community members have summarized that the meme projects released by similar 'conspiracy groups' have the following characteristics:

The distribution time is in the evening, even in the early morning;

Within a short period of time, there is a large amount of high transaction volume, making the volume exceed 100 million US dollars in a few hours;

The released meme project rides on the current trend topics and discussions;

The 'getting rich overnight' myth is going viral on social media.

Opportunities always exist. Therefore, for projects with big pump volume and viral social discussion memes, either you have participated when there was 'no one asking for it', or you have invested funds that can afford the risk when it is 'buzzing with activity', so that you can survive in this market.

[Disclaimer] There are risks in the market, and investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views, or conclusions in this article are suitable for their specific situation. Invest at your own risk.

This article is authorized to be reproduced from: 'Deep Tide TechFlow'

Original Author: Asher, Odaily Planet Daily