Author: BlockBeats
GOAT opened the ceiling and market-to-dream ratio of the meme on the Solana chain with a market value of 700 million in one week. Just when market funds were ready to move, the familiar large-scale Pump & Dump returned.
Last night, a token called SHAR took less than seven hours to increase its market value from zero to $60 million, and then dropped from $40 million to $30,000 in a flash, completing a "gorgeous" rugby on the chain. It built a tall building while you were still asleep, and shattered your dream while you were still asleep.
Suddenly appeared, and then flashed by
On the evening of October 23, SHAR came out of nowhere with a market value of 9 million US dollars at the opening, which instantly rose to 20 million.
Soon, SHAR's contract began to spread rapidly in major communities. Although the market value of 20 million is not low, considering the high opening and extremely violent pull-up, coupled with the recent high sentiment on the chain, the market is still willing to believe that a new meme of 20 million can at least double.
Soon, ZachXBT, the on-chain detective, leaked a screenshot of the deck, which introduced SHAR's narrative, team background, and the most important behind-the-scenes KOL. But unexpectedly, this FUD did not affect SHAR. Instead, the market seemed to think that the so-called Cabal had such a lineup, which was convincing enough, and the market value quickly reached 50 million.
With the FOMO sentiment, SHAR's market value quickly approached 60 million US dollars. At 2 a.m., the market value was almost halved to 24 million US dollars. Then, with the "increase in buying", the market value rebounded to 43 million US dollars. Until 5 a.m., the conspiracy address had a big negative line.
This address collected 500 million SHAR from more than 100 addresses in less than 2 minutes, and sold it in one transaction, earning nearly 20,000 SOL, or more than 3 million US dollars. The SHAR pool was emptied directly, and the market value dropped sharply from 40 million US dollars to 3 million US dollars.
Bubblemaps claims that 60% of SHAR has been aggregated and dispersed to more than 100 addresses, which means that in order to manipulate market prices, the SHAR project transfers tokens between different addresses to create the illusion of active trading volume and attract the attention of retail investors.
Less than an hour after the pool was emptied, SHAR’s official Twitter account published an article saying that due to FUD, the project no longer had the funds to continue operating, and stated that they were able to provide evidence that they had communicated with every KOL listed in the deck. “While we have never claimed to have reached a final agreement with everyone, we have received quotes and deals from everyone on this list.” Considering that the handle of SHAR’s official Twitter account is SolanaKol, it seems that they are trying to put the blame on the KOLs.
At 7am, 0xSun, a Chinese KOL who promoted SHAR last night, posted a post explaining the details of its cooperation with SHAR, saying that due to ZachXBT’s tweet, SHAR could no longer cooperate with CEX partners, and that SHAR “will refund and compensate the affected users after the calculation is completed. It is unclear whether they are just stalling for time or really doing so.”
Meme death knell?
From the meme pre-sale boom to the Pump.Fun on-chain sit-down, it is hard not to call the past six months the meme cycle. Everything happened too fast, and the hot topics kept changing, from where the popular animals were to what cult memes were, to now, dancing with memes with AI bots. Since the denunciation of VC coins, the discussion about the meaning of memes has never stopped. Some people have always questioned whether memes are a zero-sum game, but others say that it is this zero-sum feature that allows memes to go further.
Obviously, the failure of SHAR will not wipe out the enthusiasm of the market for pursuing possibilities, because memes have the possibility of getting rich, even though this is an extreme 28 game. However, because the project party is hidden, the so-called decentralization and empowerment of retail investors are just another kind of encirclement and suppression. The key is that the "reverence" for the conspiracy group makes everyone think that memes should be like this, but they don't know that when you stare into the abyss, the abyss is also staring at you.
Ironically, SHAR's official bio says, "It's all about experiences." Perhaps this is the most realistic interpretation of the meme craze.
