Developers behind POPE, a newly emerged memecoin, earned $1 million in about two hours, according to cryptocurrency onchain data.
Data shows that POPE developers created a new wallet ahead of the token launch and were the first to sell 5.8 million POPE tokens as soon as the token launched, using $100,000 worth of USDC – a worrying development for an altcoin.
After purchasing POPE tokens, the developers sold 1.5 million POPE tokens as the price jumped to $0.286. With the subsequent sales, they increased their total realized profit to $688,000. They still hold $286,000 worth of POPE tokens.
POPE was actually created after Donald Trump recently jokingly announced that he wanted to be the next pope, and the official White House X account shared a photo of Trump in his papal regalia. However, this memecoin has no official affiliation with Trump and poses a very high risk.
The altcoin, which has fallen significantly from its peak, is trading at $0.083 at the time of writing.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/did-developers-commit-fraud-in-this-altcoin-they-bought-large-amounts-of-their-own-altcoins-and-then-dumped-them/