Original | Odaily Planet Daily (@OdailyChina)
Last night, the Solana ecosystem meme project SHAR launched and its price briefly approached $0.06, with a market cap reaching nearly $40 million. Subsequently, on-chain detective ZachXBT pointed out that the project involves a "conspiracy group" and KOL manipulation. According to leaked documents, the project claims to have 50 "first-tier" KOLs involved.
ZachXBT: Solana ecosystem meme project SHAR involves 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 to push the market cap rapidly 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 from $40 million to $3 million, currently sitting at $3.5 million.
From a market cap of $40 million to $3 million, who exactly crashed the market?
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, profiting nearly 20,000 SOL, worth over $3 million. This sale directly drained 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, 60% of SHAR was previously 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.
Responses from KOLs after ZachXBT's revelations
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 made two trades on SHAR before bed, and it turned out to be a rug. I did take on a collaboration with this project because I thought it was relatively reliable after reviewing the materials and saw a chance to make money, not just for promotional fees.";
joji: "I was not involved in the announcement of this project. The SHAR team added me without contacting me, and I have 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 have not mentioned SHAR in any of my tweets."
In response to ZachXBT's mention of KOLs in 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 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, getting in early still offers a chance to make money, which is better than VC coins crashing right after launch.";
……
At the same time, due to the "conspiracy address" draining SHAR's pool in a short time, many retail investors who bought in at high prices saw their funds evaporate instantly, leading to a surge of resentment in the community, with some even forming 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 go after this project team.";
"The project team that controls the private keys is Russian, as I have contacted some exchanges about listing, and they have gone dark.";
"Although the project team promised KOLs compensation, it's basically impossible. Retail investors seeking compensation from KOLs is also not feasible; the best solution now is to communicate with CLS."
Some community members have summarized that similar "conspiracy groups" behind meme projects have the following characteristics:
Distribution occurs in the evening or even late at night;
A large number of high-value single transactions appear in a short time, causing 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 they are "ignored" or invest risk-capable funds when they are "buzzing," so you can survive in this market.
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