A newly launched memecoin has caused a stir after its developers walked away with a seven-figure profit just hours after going live.
A recently launched memecoin called POPE has sparked controversy after its developers reportedly made around $1 million within two hours of its debut, according to blockchain data.
The token, inspired by a viral meme featuring Donald Trump dressed as the pope, saw its creators quickly accumulate profits.
Before launch, the developers created a fresh wallet, used $100,000 in USDC to buy 5.8 million POPE tokens, and began selling as the price surged.
They offloaded 1.5 million tokens when POPE hit $0.286, securing nearly $688,000 in profit. The wallet still holds about $286,000 worth of tokens, raising red flags over the project’s legitimacy.
While POPE draws attention from the Trump meme, it has no official connection to the former president and presents significant risk for investors.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
Source: https://coindoo.com/developers-cash-out-1-million-hours-after-launch-of-viral-memecoin/