60 million Meme seconds go to zero, SHAR schemes to take away 3 million in 12 hours

Author: BlockBeats

GOAT opened the ceiling and market cap of memes on the Solana chain with a market cap of 700 million in a week. Just as market funds were stirring, the familiar large-scale Pump & Dump returned.

Last night, a token named SHAR saw its market cap rise from zero to 60 million in less than seven hours, only to plummet from 40 million to 30 thousand dollars, completing a "glorious" rug pull on-chain while you were still awake, and shattering dreams before you even realized it.

A sudden emergence, then a fleeting moment

On the evening of October 23, SHAR emerged suddenly, opening with a market cap of 9 million dollars, instantly soaring to 20 million.

Soon, SHAR's contract began to spread rapidly across major communities. Although a market cap of 20 million was already considerable, given the high opening and extremely aggressive price surge, coupled with the recent rise in on-chain sentiment, the market was still willing to believe that a new meme at 20 million could at least double.

Quickly, on-chain detective ZachXBT leaked a deck screenshot that introduced SHAR's narrative, team background, and most importantly, the key opinion leaders behind it. However, this time the FUD did not seem to affect SHAR; the market appeared to believe that the so-called Cabal having such a lineup was convincing enough, and the market cap quickly reached 50 million.

With FOMO sentiment, SHAR's market cap soon approached 60 million dollars. At 2 AM, the market cap nearly halved, dropping to 24 million dollars; then, as "buying increased," the market cap rose again to 43 million dollars, until 5 AM, when a large red candle appeared at the conspiracy address.

In less than two minutes, this address aggregated 500 million SHAR from over 100 addresses and sold it in one transaction, profiting nearly 20,000 SOL, over 3 million dollars. It directly drained SHAR's pool, causing the market cap to plummet from 40 million to 3 million dollars.

Bubblemaps reported that 60% of SHAR was aggregated and dispersed to over 100 addresses, indicating that the SHAR project team manipulated market prices by transferring tokens between different addresses, creating a false impression of active trading to attract retail investors.

Less than an hour after draining the pool, SHAR's official Twitter posted an article stating that due to FUD, the project team no longer had funds to continue operations, and claimed they could provide evidence that they communicated with every KOL listed in the deck. "Although we never claimed to have reached a final agreement with everyone, we received offers and trades from everyone on that list." Coupled with SHAR's official Twitter handle being SolanaKol, it gave off a vibe of trying to shift the blame onto the KOLs.

At 7 AM, the Chinese KOL 0xSun, who promoted SHAR last night, posted an explanation of the details of their collaboration with SHAR, stating that due to ZachXBT's tweet, SHAR could no longer continue cooperation with CEX partners, and claimed that SHAR "would refund and compensate affected users after calculations are completed, though it's unclear if they are just stalling or will actually do so."

The death knell for memes?

With the meme presale wave and Pump.Fun starting to sit idly on-chain, it's hard not to label this past six months as a meme cycle. Everything happened too quickly, with hot topics constantly changing, from "Where are the internet-famous animals?" to "What is a cult meme?" Now it has evolved into dancing memes alongside AI bots. Since the outcry against VC coins began, a discussion about the meaning of memes has never ceased. Some have always questioned whether memes are a zero-sum game, while others argue that it is precisely this zero-sum nature that allows memes to go further.

Clearly, the failure of SHAR will not extinguish the market's enthusiasm for chasing possibilities, because memes hold the potential for wealth, even though this is an extreme 80/20 game. However, by obscuring the project team, the so-called decentralization and empowerment of retail investors is merely another form of encirclement. The key lies in the "reverence" for the conspiracy group, leading everyone to believe that memes should be this way, unaware that when gazing into the abyss, the abyss is also gazing back at you.

Ironically, SHAR's official Twitter bio states, "It's all about experiences," perhaps the most genuine interpretation beneath the meme frenzy.