Nearly 40 million dollars in market value dropped to 3 million in one minute. Is there a "conspiracy group" behind SHAR to manipulate the market?

Author: Asher, Odaily Planet Daily

Last night, after the launch of the Solana ecosystem Meme project SHAR, the price briefly approached $0.06, with a market cap reaching the $40 million range. Subsequently, on-chain detective ZachXBT pointed out that the project involved a "conspiracy group" and KOL manipulation. According to leaked documents, the project claimed to have 50 "first-tier" KOLs involved.

ZachXBT: The Solana ecosystem Meme project SHAR involves a conspiracy group and KOL manipulation

Upon hearing this news, major Meme communities were not immediately affected by this FUD; instead, they seemed to believe that having such a lineup was convincing enough, pushing the market cap to quickly rise to $50 million.

Driven by FOMO sentiment, SHAR's market cap once approached $60 million. However, by 2 AM, the market cap plummeted by nearly half, dropping to $24 million; then, after a surge in buying, the market cap rebounded to $43 million. By 5 AM, the market cap sharply fell again from $40 million to $3 million, currently sitting at $3.5 million.

SHAR Price Trend

Market cap dropped from $40 million to $3 million, who sold off?

According to on-chain data, the address CHj3vHyMhF6DF3VkwhzgK833o7uvsN7CrPVyUdmbFo5E collected 500 million SHAR from over 100 addresses in less than 2 minutes, then sold it in one transaction, making a profit of nearly 20,000 SOL, worth over $3 million. This sale directly emptied the liquidity pool of the SHAR project, causing the market cap to plummet from nearly $40 million to $3 million.

At the same time, according to Bubblemaps monitoring, previously 60% of SHAR was collected and dispersed to over 100 addresses, indicating that the SHAR project team manipulated market prices by transferring tokens between different addresses to create a false impression of active trading, attracting retail investors' attention.

Bubblemaps Data

Responses from some KOLs after being exposed by on-chain detective ZachXBT

After on-chain detective ZachXBT exposed the members of the "conspiracy group" behind SHAR, some of the KOLs mentioned responded immediately:

• 0xSun: "I'm done, I even bought SHAR twice before bed, and it directly rug-pulled. I did take on this project for collaboration, but the reason I chose to collaborate was that I thought this project was relatively reliable after reviewing the materials and there were opportunities to make money, not just for promotion fees.";
• joji: "I didn't participate in this project's announcement at all. The SHAR team added me without contacting me, and I asked them to remove me from it.";
• Wizard Of SoHo: "Today I messaged 4 KOLs on the list, telling them not to promote this project because they are a scam team.";
• PattyIce: "I haven't mentioned SHAR in my tweets."

In response to the KOLs mentioned by on-chain detective ZachXBT regarding SHAR's promotion, some KOLs denied being members of the "conspiracy group" behind SHAR, while others denied participating in SHAR's promotional activities.

Community Sentiment

The SHAR project has sparked mixed discussions in the community regarding the "conspiracy group" behind Meme coins:

• "Seeing such a sudden surge in trading volume for a Meme project, whether it's from a conspiracy group or not, if you didn't get in early, just move on to the next one; missing out is better than being stuck and cursing.";
• "As always, those KOLs have already issued risk warnings. So, this won't affect their continued rise to fame.";
• "I don't FUD this type of project; at least they can genuinely drive up the coin price. Even if you're not part of the conspiracy group, there are still opportunities to make money if you get in early, which is better than VC coins that plummet right after launch.";
• ……

At the same time, due to the "conspiracy address" directly draining SHAR's liquidity pool in a short time, many retail investors who bought in at high prices saw their funds vanish instantly, leading to a surge of resentment in the community, even establishing rights protection groups to seek compensation:

• "I can accept PVP, but I absolutely cannot tolerate a RUG.";
• "Although the hope for compensation is slim, I really want to deal with this project team.";
• "The project team that controls the private keys is Russian, as I have contacted some exchanges about listing, and they are now unreachable.";
• "Although the project team said they would compensate KOLs, it's basically impossible. Retail investors seeking compensation from KOLs is also not feasible; currently, the best solution is to communicate with CLS."

Some community members have summarized that similar Meme projects released by "conspiracy groups" have the following characteristics:

• Distribution occurs in the evening or even at midnight;
• A large number of high-value transactions appear in a short time, causing the trading volume to exceed $100 million within hours;
• The released Meme projects ride on current hot topics and trends;
• "Get rich quick" myths flood social media.

Opportunities are always present. Therefore, for Meme projects with surging trading volumes and heated social discussions, you either participate when "no one cares," or invest risk-capable funds when "the crowd is roaring," so you can survive in this market.