SHAR dropped 90% suspected of being a rug pull, crypto KOL 0XSun admitted to participating in the promotion and promised to urge the project party to compensate

ChainCatcher news, the Solana ecosystem Memecoin SHAR launched last night, reaching a market cap of over $50 million, and then plummeting to a market cap of $3 million, a drop of 95%.

On-chain detective ZachXBT tweeted that the Meme token SHAR on Solana involves a conspiracy group and KOL manipulation.

In response, crypto KOL 0XSun stated, "I did accept a collaboration for this project, but the reason I chose to collaborate was that after reviewing the materials initially, I felt this project was relatively reliable and had profit opportunities, rather than just for promotional fees. Moving forward, on one hand, I will contact CLS and some friends who may have information about the project party to try to get the project party to compensate for the losses, and on the other hand, I will also try to avoid such collaborations. In the future, for any paid promotional collaborations, I will clearly state this to ensure transparency."

Previous news reported that according to Lookonchain monitoring, an insider sold 500 million SHAR (50% of the total supply) in a single transaction for 19,620 SOL ($3.38 million), causing the SHAR price to plummet by 96%.