Did Developers Commit Fraud in This Altcoin: They Bought Large Amounts of Their Own Altcoins and Then Dumped Them

By: cryptosheadlines|2025/05/05 00:15:01

Airdrop Is Live CaryptosHeadlines Media Has Launched Its Native Token CHT. Airdrop Is Live For Everyone, Claim Instant 5000 CHT Tokens Worth Of $50 USDT. Join the Airdrop at the official website, CryptosHeadlinesToken.com 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.Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data!Source link

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