2026-01-13 11:28:50

A major memecoin launched by a prominent former New York City official unraveled spectacularly. The token skyrocketed to a $600M market cap before collapsing to under $100M in what appears to be a classic rugpull scenario.

The price action tells the story: the coin crashed 81% from its peak of $0.58, bottoming out around $0.11. The entire cycle allegedly played out within just 30 minutes.

Based on market analysis, the project founder is estimated to have captured approximately $3.5M during this brief window. The incident raises serious questions about due diligence, celebrity involvement in crypto launches, and the persistent vulnerabilities in the memecoin ecosystem.

This case serves as a stark reminder for investors: explosive growth in newly launched tokens often precedes equally dramatic crashes. The memecoin space remains a high-risk environment where proper research and caution are essential.

MAJOR-0,91%

TOKEN1,13%

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

10 Likes

Reward
10
7
Repost
Share

Comment

0/400

OnlyOnMainnet

· 01-16 09:24

30 minutes to cut 3.5 million, this technique is indeed top-notch --- It's the old trick of pumping and dumping again, celebrity coins are just like this --- Fell from 600M to 100M, really daring to play... --- Even former officials are involved in coin schemes to cut leeks, has the trust completely collapsed? --- Why are there still people chasing celebrity coins? Serves them right for being trapped --- Look, this is why I only deal with mainstream coins --- Completed within 30 minutes? Bro, that's rocket speed to cut --- Another textbook-level rug pull, why didn't you do your homework? --- Meme coins are just gambling, are you mentally prepared to enter, everyone? --- Haha, the safest way to deal with celebrity coins is not to touch them

View OriginalReply0

SelfCustodyBro

· 01-15 09:55

30 minutes to harvest 3.5 million, this is the true face of memecoin --- It's both a celebrity coin and a pump, still using this trick? --- Really, I should run as soon as I see official endorsements --- $600M to $100M... this speed is outrageous, why doesn't anyone see it? --- Making meme coins earns way more than hodlers --- Next time I see celebrity coins, I’ll just blacklist them. Learned my lesson --- Harvested in just 30 minutes, this shows that this thing has no liquidity at all --- Why do some people keep rushing in one after another? I really don’t get it --- This example should be a textbook case; memecoin is just a casino

View OriginalReply0

ChainComedian

· 01-13 11:53

It's the same celebrity coin and pump again; this routine is completely worn out. Really, making 3.5 million in 30 minutes—why are retail investors still here trying to buy the dip?

View OriginalReply0

memecoin_therapy

· 01-13 11:49

It's the same old trick again, cut and run in 30 minutes. Celebrity coins really need strict regulation; they cut without blinking. $3.5 million just like that, and we're still calculating a $200 loss... Meme coins are just casinos; don't fool yourself into thinking "research" can save you. Who would still believe celebrities issuing coins? That's really out of line.

View OriginalReply0

CryptoWageSlave

· 01-13 11:46

Dropped from 600 million to 100 million in 30 minutes, this is memecoin... It's the same old trick of celebrities harvesting retail investors.

View OriginalReply0

SilentAlpha

· 01-13 11:38

Make 3.5 million in 30 minutes, that's the magic of memecoin, haha It's another "former official" scheme, believe it or not I just want to know what those who bought in are thinking... really This pump speed is incredible, more exciting than a roller coaster Celebrity coins are always the biggest risk, can't you learn that, everyone

View OriginalReply0

NFTArchaeologis

· 01-13 11:35

In 30 minutes, it dropped from 600M to 100M. This script is truly... classic. Yet another "Black Death" on the chain, just a tombstone endorsed by celebrities.

View OriginalReply0